**Charity registration number 299766**
**Company registration number 2220564 (England and Wales)**
## **VALE HOUSE OXFORD**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **VALE HOUSE OXFORD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Catherine Oppenheimer (Chair)||
|---|---|---|
||John Barneby||
||Jill Bradley||
||Helen Carter||
||Robert Foster||
||Neil Macintosh||
||Rupert McShane||
||Justin Moore||
||Damian Payne||
||Ben Goodger|(Appointed 9 March 2022)|
|**Secretary**|Keith Middleton||
|**Charity number**|299766||
|**Company number**|2220564||
|**Registered office**|Vale House||
||Sandford Road||
||Littlemore||
||Oxford||
||Oxfordshire||
||OX4 4XL||
|**Auditor**|Critchleys Audit LLP||
||Beaver House||
||23-38 Hythe Bridge Street||
||Oxford||
||OX1 2EP||
## **VALE HOUSE OXFORD**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Balance sheet|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 - 20|
## **VALE HOUSE OXFORD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
The Trustees present their report and financial statements for the year ended 31 March 2022.
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 governing document, 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).
## **Objectives and activities**
The Charity's objects are specifically restricted to the following: To care for people with dementia however severe or complicated; To support the families of the residents;
To participate in research to better understand the causes and treatment of all types of dementia; To teach the skills required for the care of dementia and reach out to the wider community to promote best practice; To develop an outreach service for support of families caring for relatives with dementia.
The policies adopted in furtherance of these objects are in accordance with Best Practice and there has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
## **Achievements and performance**
Our Head of Home, Lysbeth Weeks, Clinical Manager, Jo Gambrell and Finance Manager, Monika Brennan joined us in August/September 2020 and have worked extremely hard to maintain our high standards.
Thanks to the dedication of these teams and our exceptional staff, throughout the COVID 19 pandemic, our staff and residents have been, and are being, kept safe. Financial grants from Oxfordshire County Council have also assisted us in ensuring that infection control steps have been able to be made with a minimum of financial impact.
Vale House has been inspected in July 2021 by the Care Quality Commission (CQC) and has received a rating of “Good”.
Vale House is currently taking part in the training of students who will eventually work in dementia care. It is also taking part in research at a national level to improve dementia care including through the Care Home Research Network and collaboration with Oxford Brookes University.
## **Financial review**
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
A cautious, sustainable investment plan has been entered into with Handelsbanken Wealth and Asset Management (formerly Heartwood Investment Brokers) as part of the long term strategy for funds which are not retained to meet the ongoing working capital requirements of the Charity.
The Trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The Charity is a company limited by guarantee and has no share capital. It is governed by its Memorandum and Articles adopted on 2nd June 2016 and is registered as a charity with the Charity Commission. Anyone over the age of 18 can become a member of the Charity and there are currently 9 members (2020: 8 members).
- 1 -
## **VALE HOUSE OXFORD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
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:
Catherine Oppenheimer (Chair) John Barneby Jill Bradley Helen Carter Robert Foster Neil Macintosh Rupert McShane Justin Moore Damian Payne Ben Goodger (Appointed 9 March 2022)
When the need to appoint another Trustee arises, suitable candidates are interviewed by the Chair together with another Trustee and the appointment ratified by the Board.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees have been responsible for all aspects of running Vale House Oxford. The Trustees met, virtually, 6 times during the year and these meetings also involved the Registered Manager, the Clinical Manager and the Treasurer. The Trustees annual strategy meeting was agreed to be deferred until 2021 due to the difficulties presented by COVID restrictions in holding a physical meeting.
The Trustees have delegated some powers to two sub committees. The Finance and General Purposes committee deals with certain financial, compliance and non-care issues, and the Care and Quality committee deals with certain care and quality issues, compliance and the care side of the Home. Both of these committees are ultimately responsible to the Trustees.
At the time of their appointment, Trustees are given full information in respect of the Charity, as well as a detailed briefing in respect of the various legal regulations governing the activity of the Home. In addition, Trustees are advised on their own responsibilities as Trustees.
All trustees give 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 of the accounts. The Trustees are required to disclose all relevant interests and in accordance with the charity's policy withdraw from decisions where a conflict of interest arises. The policy on Trustees' interests is set out in the charity's financial procedures manual and a register of interests is maintained by the charity.
The remuneration of the Registered Manager, Finance Manager, Clinical Manager and the Treasurer are reviewed annually and increased to ensure that it is fair and in line with similar roles in the sector.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 21 day's purchases, based on the average daily amount invoiced by suppliers during the year.
## **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.
- 2 -
VALE HOUSE OXFORD
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED}
FOR THE YEAR ENDED 31 MARCH 2022
The trustees. report was approved by the Board of Truste85.
Catherine Oppenheimer I
Trustee
hairl
D8ts'.
## **VALE HOUSE OXFORD**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
The Trustees, who are also the directors of Vale House Oxford 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
- 4 -
## **VALE HOUSE OXFORD**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VALE HOUSE OXFORD**
## **Opinion**
We have audited the financial statements of Vale House Oxford (the ‘Charity’) for the year ended 31 March 2022 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 5 -
## **VALE HOUSE OXFORD**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALE HOUSE OXFORD**
## **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**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.
- 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
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- 6 -
## **VALE HOUSE OXFORD**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALE HOUSE OXFORD**
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing relevant correspondence.
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 directors 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 charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
|**Robert Kirtland (Senior Statutory Auditor)**
**for and on behalf of Critchleys Audit LLP**|.........................
22/9/2022|
|---|---|
|**Chartered Accountants**||
|**Statutory Auditor**|Beaver House|
||23-38 Hythe Bridge Street|
||Oxford|
||OX1 2EP|
Critchleys Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 7 -
## **VALE HOUSE OXFORD**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
16,124
80,803
Charitable activities
**4**
2,277,816
-
Investments
**5**
290
-
**Total income**
2,294,230
80,803
**Expenditure on:**
Fundraising costs of
grants and donations
**6**
216
-
Operation of Care Home
**7**
2,227,999
301,713
**Total expenditure**
2,228,215
301,713
Net gains/(losses) on
investments
**12**
150
-
**Net movement in funds**
66,165
(220,910)
Fund balances at 1 April
2021
3,733,384
937,513
**Fund balances at 31**
**March 2022**
3,799,549
716,603|**Total**
Unrestricted
funds
**2022**
2021
**£**
**£**
96,927
10,115
2,277,816
2,146,502
290
969
2,375,033
2,157,586
216
216
2,529,712
2,028,494
2,529,928
2,028,710
150
25,878
(154,745)
154,754
4,670,897
3,578,630
4,516,152
3,733,384|Restricted
funds
2021
**£**
81,089
-
-
81,089
-
302,315
302,315
-
(221,226)
1,158,739
937,513|Total
2021
**£**
91,204
2,146,502
969
2,238,675
216
2,330,809
2,331,025
25,878
(66,472)
4,737,369
4,670,897|
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 8 -
VALE HOUSE OXFORD
BALANCE SHEET
AS AT31 MARCH 2022
2022
2021
Notes
Flxed assets
T8ngible assets
Investments
13
14
3.795,800
372,770
3,972,193
372,620
4, 168,570
4,344.813
Current a5set5
Debtors
Cash al bank and in hand
15
107,373
464,899
64.718
591,103
572.272
655,821
Creditors- amounts falllng due within
one year
16
1224,6901
1329.7371
Nel current assels
347.582
326.084
Tvtsl assets less current liabrlities
4.516,152
4,670,897
Income funds
Restricted fund5
Unreslricled funds
716,603
3.799.549
937,513
3,733.384
4,516.152
4.670.897
The company is entilled to the exemplion from the audit requirement contained in section 477 of the Companies Act
201, lor the year ended 31 March 2022, although an audit has been carried out under section 144 01 th8 Charits'es
Act2011.
The directors ad(nowledge their ieswnsibililies lor complying with the requirements of the Companies Act 2006
wlth respect to accounting records and the prep8rallon of financial statements.
The members have not requTred the Company to obtain an avdit of its financial statements under the requirements
of the Comp8nie5 Act 2006, for the year in question in accordance with section 476.
These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subject
to the small companies regirne.
The financial slaternents were approved by the Trustees on
14.09. Zozz
Catherine Oppenheimer (Chairl
Trustee
Company registration number 2220564
## **VALE HOUSE OXFORD**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**19**
**Investing activities**
Purchase of tangible fixed assets
Purchase of investments
Investment income received
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**2021**
**£**
**£**
**£**
**£**
(75,850)
208,963
(50,644)
(45,352)
-
(150,000)
290
969
(50,354)
(194,383)
-
-
(126,204)
14,580
591,103
576,523
464,899
591,103|
|---|---|
- 10 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **Charity information**
Vale House Oxford is a private company limited by guarantee incorporated in England and Wales. The registered office is Vale House, Sandford Road, Littlemore, Oxford, Oxfordshire, OX4 4XL.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance 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)". 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 the revaluation of freehold properties and to include investment properties and certain financial instruments 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**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that all aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probably that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Costs of raising funds includes those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities;
Expenditure on charitable activities includes the costs associated with the operation of the home;and Other expenditure represents those items not falling into the categories above.
- 11 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
**(Continued)**
Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative and 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.
## **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:
Land Nil Vale House Sandford on Thames 4% straight line Equipment 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.8 Impairment of fixed assets**
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 12 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 13 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **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.
## **Key sources of estimation uncertainty**
## **Depreciation**
Depreciation was calculated based on the estimated useful economic lives of different categories of fixed assets. total depreciation during the year ended 31 March 2022 was £227,037.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Donations and gifts
14,913
6,127
Legacies receivable
1,211
-
COVID Grant income
-
74,676
16,124
80,803|**Total**
Unrestricted
funds
**2022**
2021
**£**
£
21,040
10,032
1,211
83
74,676
-
96,927
10,115|Restricted
funds
2021
£
-
-
81,089
81,089|Total
2021
£
10,032
83
81,089|
|---|---|---|---|
||||91,204|
## **4 Charitable activities**
||**Fee income **|**Fee income**|
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Fees within charitable activities|2,273,185|2,146,412|
|Other income|4,631|90|
||2,277,816|2,146,502|
- 14 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**5**|**Investments**|||
|---|---|---|---|
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2022**|2021|
|||**£**|£|
||Interest receivable|290|969|
|**6**|**Raising funds**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2022**|2021|
|||**£**|£|
||Investment Management|216|216|
|||216|216|
|**7**|**Charitable activities**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Wages, salaries and training|1,827,131|1,700,766|
||Depreciation and impairment|227,037|221,226|
||Property costs|258,938|208,774|
||Food, medical and household expenses|174,266|133,979|
|||2,487,372|2,264,745|
||Share of support costs (see note 8)|35,975|53,278|
||Share of governance costs (see note 8)|6,365|12,786|
|||2,529,712|2,330,809|
||**Analysis by fund**|||
||Unrestricted funds|2,227,999|2,028,494|
||Restricted funds|301,713|302,315|
|||2,529,712|2,330,809|
- 15 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**8**
**Support costs**
Office costs
Bank charges
Professional charges
Staff related costs
Travel and
communication costs
Audit fees
Accountancy
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
1,977
-
640
-
28,023
-
2,659
-
2,676
-
-
6,365
-
-
35,975
6,365
35,975
6,365|**2022**
**£**
1,977
640
28,023
2,659
2,676
6,365
-
42,340
42,340|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
5,927
-
710
-
38,251
-
2,178
-
6,212
-
-
6,180
-
6,606
53,278
12,786
53,278
12,786|**2021**
**£**
5,927
710
38,251
2,178
6,212
6,180
6,606|
|---|---|---|---|---|
|||||66,064|
|||||66,064|
Governance costs includes payments to the auditors of £6,365 (2021- £6,180) for audit fees.
|**9**|**Net movement in funds**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
||Net movement in funds is stated after charging/(crediting)|||
||Fees payable to the company's auditor for the audit of the company's financial|||
||statements|6,365|6,180|
||Depreciation of owned tangible fixed assets|227,037|221,226|
## **10 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration, expenses or benefits from the Charity during the year.
Donations made by the charity to the trustees in the year totalled £nil (2021: £nil)
## **11 Employees**
The average monthly number of employees during the year was:
||**2022**|**2021**|
|---|---|---|
||**Number**|**Number**|
|Average full-time equivalent number of staff|30|46|
|Average monthly number of staff|70|52|
- 16 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**11**|**Employees**||**(Continued)**|
|---|---|---|---|
||**Employment costs**|**2022**|**2021**|
|||**£**|**£**|
||Wages and salaries|1,651,301|1,540,988|
||Social security costs|125,701|110,144|
||Other pension costs|50,129|49,634|
|||1,827,131|1,700,766|
||The number of employees whose annual remuneration was £60,000 or more|||
||were:|||
|||**2022**|**2021**|
|||**Number**|**Number**|
||£60,000 - £70,000|2|1|
|**12**|**Net gains/(losses) on investments**|||
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2022**|2021|
|||**£**|£|
||Revaluation of investments|150|25,878|
- 17 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**13**
**Tangible fixed assets**
**Vale House**
**Sandford on**
**Thames**
**£**
**Cost**
At 1 April 2021
5,361,553
Additions
-
Disposals
-
At 31 March 2022
5,361,553
**Depreciation and impairment**
At 1 April 2021
1,484,320
Depreciation charged in the year
185,540
Eliminated in respect of disposals
-
At 31 March 2022
1,669,860
**Carrying amount**
At 31 March 2022
3,691,693
At 31 March 2021
3,877,233
The carrying value of land at Vale House Sandford on Thames is:
Freehold
**14**
**Fixed asset investments**|**Equipment**
**£**
366,735
50,644
(9,003)
408,376
271,775
41,497
(9,003)
304,269
104,107
94,960
**2022**
**£**
723,064|**Total**
**£**
5,728,288
50,644
(9,003)
5,769,929
1,756,095
227,037
(9,003)
1,974,129
3,795,800
3,972,193
**2021**
**£**
723,064|
|---|---|---|
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 1 April 2021|372,620|
|Valuation changes|150|
|At 31 March 2022|372,770|
|**Carrying amount**||
|At 31 March 2022|372,770|
|At 31 March 2021|372,620|
- 18 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**14**
**Fixed asset investments**
Investments at fair value comprise:
Equity
Bonds
Property
Hedge Funds
Cash
**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**16**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 31
March 2022 are
represented by:
Tangible assets
3,079,197
716,603
Investments
372,770
-
Current assets/(liabilities)
347,582
-
3,799,549
716,603|**Total**
Unrestricted
funds
**2022**
2021
**£**
£
3,795,800
3,034,680
372,770
372,620
347,582
326,084
4,516,152
3,733,384||**(Continued)**
**2022**
**2021**
**£**
**£**
152,901
149,628
162,284
173,986
39,068
30,164
10,886
7,054
7,631
11,788
372,770
372,620
**2022**
**2021**
**£**
**£**
79,952
38,616
27,421
26,102
107,373
64,718
**2022**
**2021**
**£**
**£**
42,698
33,624
119,597
231,228
11,110
110
51,285
64,775
224,690
329,737
Restricted
funds
Total
2021
2021
£
£
937,513
3,972,193
-
372,620
-
326,084
937,513
4,670,897|**(Continued)**
**2022**
**2021**
**£**
**£**
152,901
149,628
162,284
173,986
39,068
30,164
10,886
7,054
7,631
11,788
372,770
372,620
**2022**
**2021**
**£**
**£**
79,952
38,616
27,421
26,102
107,373
64,718
**2022**
**2021**
**£**
**£**
42,698
33,624
119,597
231,228
11,110
110
51,285
64,775
224,690
329,737
Restricted
funds
Total
2021
2021
£
£
937,513
3,972,193
-
372,620
-
326,084
937,513
4,670,897|
|---|---|---|---|---|
|||||372,620|
|||||**2021**
**£**
38,616
26,102|
|||||64,718|
|||||**2021**
**£**
33,624
231,228
110
64,775|
|||||329,737|
|||||Total
2021
£
3,972,193
372,620
326,084|
|||||4,670,897|
- 19 -
## **VALE HOUSE OXFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **18 Related party transactions**
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
|**2022**
**£**
Aggregate compensation
198,859
**Transactions with related parties**
During the year the Charity entered into the following transactions with related parties:
**2022**
**£**
Employment of a daughter of a trustee
-
**19**
**Cash generated from operations**
**2022**
**£**
Deficit for the year
(154,745)
Adjustments for:
Investment income recognised in statement of financial activities
(290)
Fair value gains and losses on investments
(150)
Depreciation and impairment of tangible fixed assets
227,037
Movements in working capital:
(Increase) in debtors
(42,655)
(Decrease)/increase in creditors
(105,047)
**Cash (absorbed by)/generated from operations**
(75,850)
**20**
**Analysis of changes in net funds**
The Charity had no debt during the year.|**2021**
**£**
176,265
**2021**
**£**
1,588
**2021**
**£**
(66,472)
(969)
(25,878)
221,226
(44,288)
125,344
208,963|
|---|---|
- 20 -