ChArity registration number 299766 Company regsstr#tion number 2220564 (Enpland and Wales) VALE HOUSE OXFORD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
VALE HOUSE OXFORD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Catherine Oppenheirner (Chairl John Bameby Jill Bradley Helen Carter Rob?rt Foster Ben Goodger Nell Macinlo$h Rupert M¢Shane JuSn Moore Damian Payno Mary Clarke Dr Loulse Qu¢stEd (Appointsd 23 May 2023) (Appolnted 14 December 20221 S•cr•tary Dlgne G8rdngr Charfty number 299786 Company numbar 2220564 Regl$ternd offlce Vale Houie Sandford Road utUemoT? Oxford Oxford8hlre OX4 4XL Audltor Crlt¢hleys Audlt LLP Beaver Hovs$ 2>38 Hythè 8rfdge Street 0c¢d OX12EP
VALE HOUSE OXFORD CONTENTS Pagè Twstees. report Statement of trustees, respon$ibllS1ies Independent audllovs report Slatem•nt of Inancial activltles Balanc8 sh8•t ststem&nt of ca¥h flow5 10 Not93 Ir) tha financial statement8 11-22
VALE HOUSE OXFORD TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present thgir report and financial statements lor tho year ended 31 March 2023. The finandal statemonts haye be prepared in accordancè with th& accounb'ng poli¢ies set oul in note 1 to the financial statements and comply yth the charity's govemlng document, the Companies Act 2006 and Accounllng and Reportlng by Charities.. Statement of Rettomm&nded F¥actice applicable lo rharities preparing thèir accounts in accordance wlth the FIncIal Reporting Standard applScable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Objectlv25 and actlvStle$ The Charity's objècts ara spedfi¢ally restricted lo the followina.. To care for people wlth demenlla however severe or cornplicated., To support the families of the residents., To partieipattr In re$&ar¢h to belter understand th8 caus¥s and Ir68tmént of all types of dementla., To t8ach the skills requlrèd for the car• of dementia and reach c4Jl to thè wdèr community lo promote b•st practsca. To develop 8n outr•ach service for support olfamilles caring for relatives with dementla. Th• polSa8s adopt•d In furthtranc8 of thèsa objects are in accordAn¢• wlth Best Pradcg and thèm has bean no changt In those during the year, Th• Twsto•s have pald due règard lo guldAnca issued by the Charfty Commlsslon in deddlng whal actlvilies th8 Charity should und•rtakg. Achlevoments ond perforniance Our Head of Homa, Lysboth Week6. Cllnlcal Manager, Jo Gambrell and Fln&nea Manager, John Rlchgrdson tho 10Sned u$ In May 2022 hava all worked exiremely hard to malntain our high standards. Th? lèAm #nd our exceptional staff conllrAJts lo work to ensure that our resldenls aryJ kept safe and that 8 Tange of actlvities Indudlng art and muslc therapy are madg avBilkbl• and accessibl8 lo them. In common th many Nursing Homes, iecrultmenl of Staff r8malns difficult and the team aro commltted lo flndlng w8yS to incre8se rel8ntion #nd raduce the reliance on Agtrncy staffing whenever possible. Vde Housa was Inspected In July 2021 by thg Care Quatlty Commission {CQCI and hag rec•lv9d of "Good" Vale Housè Is currently taklng part In the Iralnlng of students who 11 eventually WOTk In dwn&na car8. It Is also toking part in resèarch at 8 natlonal level to impiov8 dgm8nlia c8r8 Including through the Care Home Rèsearch Ngtwork and collaboration with Oxford Brookes University. Fln4ncial rovlew It Is the policy ol the Charity that unstrICted funds which have not been deslgnated for a sp8cSflc use should be malntalned al alovel equivalent to btheen thre# and SSX month's expenditure. The Trustees consider that reserves at this level will ensure Ihal, in the ovenl of g significant In fundlng, they will be able lo continue the Charfty'5 current a¢tiv1118s while consideration is oiven to ways in which additional fund$ may bo Taised. This levèl of reserves hag boon moSntainod throughout th8 year. A cautlous, wslginable investment plan has baen entered into with Handelsbank¢n We8llh and Assèt ManageTnent Ifomierly Heathood Investment Biokersl as part of the long tÉmi strategy for fiJnds which ara not retalned to meet the ongoing wothing capital requIreonts Df the Charity. The Trustees have a55e55ed Ihe rnajor risks tg whith the Charity is eyposed, and are satisfied that systems are In placè to mltlgatè exposure to the major risks. st¥u¢turo. govemanee and management The Charity 1$ a GUTnpany limited by guarantee and has no share capital. It is govemed by its Memorandum and Arb'cles adopted on 2nd June 2016 and is registered as a charity wlh the Charity Commission. Anyone overth¢ age of 18 can become a member of the Charity and there are currenuy 12 memb?r512022'. 10 membèrs).
VALE HOUSE OXFORD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Th¢ Trustees, who are also the directors for the purpose ot company law, and who served durlng tho year and up to the date of sigaalure of the financial statem8nls werè". Calherlne Opp¢nheimer Ichalrt John Bameby Jill Bradley Helen Cartgr Robtrt Fostor Ben Gctpdger Neil M8cintosh Rupert M¢Shane Justin Moorè Dmmian Payn8 M4ry Clarke Dr Louise Qu•$tsd {Appointed 23 May 2023) IAppoint•d 14 D•e•mber 2022? hen the need to appoint another Trustee arises. suitable candidates ar8 IntsNlewad by the Chglr together wlth another Twsl&• and the appolntment ralfi¢d by the Board. None of thtr Trusteès has any benefic4al Interest in thè company. All of tha Trustses ar8 members of the company and guarantee to contribute £1 In tho event of a winding up. The Trustees have been r•sponsi for all aspects of runnlng Vale Hou8e Oxford. Th8 TNslee$ m¢t, virtuglly, 6 tlmès during the yoar gnd th88e megfjngs also Involvld the ReySster¢d Managgr, the Clinical Manager and tr8 Tr•asurer. A Tru$tee$ strategy meettng was held in Seplembar 2W21 and the strategy Approved to 2024. Tho strateoy will be revlewed by the Trustees in November 2023. Th8 Trust88$ have delegatsd some powers to SLtb committees. The FInan and Ggngr41 Purposos CDmmitlee deals wlth certaln finanaal, compllance ond non-care issues, and the Care and Quality cornmitte8 dagls with certaln car• and quallly Issues, compll&nce and the care sldg of the H¢me. Both of thgsg committees are ultimately responsibl? to th$ Tru$lees. At th• tlme of th&Sr appolntmenl Trust••$ aro glven full Inforniafjon In respect of thg Chgriiy, as wdl as a detallèd briefing in respect ol the various legal regulations govemlng the activity of the Home. In •ddStlon, Trust•e6 are advl8ed on their own iospon$lbllities as Trustegs. AII INstees 9Sve theSr Ilme freely gnd no Trustee romyneratlon was pald In Ihe ygar. Details of Trustee expenses and rolated party transaGlions are disclosed in nolo 10 of the accounts. Tho Trustee¥ 4rg r¢quired to disclose all relevant interests and in accordance wth the charity's policy withdraw from deasions where a contlict of intèrast arisos. The policy on Trustees, intprests is Sel out in the d)arity's financial wocedures manual and a register of Intests Is maintained by the charity. The remunerolion of the Reglstered Manager. Finance Manager, CllnScg1 Manager and the Treasurer ar8 rl&Wed annually and increased lo ensure that it 1$ fair and in line with similaT roles in the 5edor. Thg ¢ompanls Curront pollcy concerning the payment ol trade ¢ditorS Is to follow the CBI'S Prc¥npt PayeTS Ct)dè {CDpie5 are available from the CBI, CenlTe Point. 103 New Oxford Street, London WC1A 1DU). The company's CUnt p¢licy ¢orKeming the payment oftrade creditors 1$ to.. seiue the terms of payment wlh suppliers when agreeing the terms of each transaction,. ensu that suppliers are made aware of the terms of p8ymenl by Induslon of Ihe levant temis in contrarAs', and pay in accoTdancewlh the ¢ompanWs contractual and oth$r legal obllgaiions. Trade credilors of the company at the year end were equivalent to 21 day's purchases, b88?d tha overage daily ornount Invol¢ed by suppllers durtng the year.
VALE HOUSE OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Auditor In accord8n¢e with th8 rompany's arkndes, a resglutson proposing that Crilchleys Audit LLP be reappointsd gs auditor of thè companywll be put at a General Meeting. The tru$tee$' report was approved by the 8oard ofTrutslèes. Catherine Opp8nh8im•r {Chsir) Trustee
VALE HOUSE OXFORD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are also th& dir8Ctors of Vale Hous• Qxfard for th8 purposÈ of company law, are responsible for preparfng th• Tru$lees' Report and the finandal statements in accordance with applicable law and United Kingdom Accounting StandBTds (United l<ingdom Generally Accepted Accounting Practic81. Company Law requlres the Trustees to PTepafft flnanaal statements for each financlal year whlch glve a tsve and fair vlew of the Stale of affairs of the Charity and of the Incoming resources and 8ppl1caYc of resources, Indudlng the income and expenditure, ofthe ¢harilabla company for that year. In preparing these financlal siatements. the Trustees are raquir•d to.. selpcl sultable a¢CoUnn9 pollclès and then apply them consistenY'. - observe the methods and principles In the Ch8rttle$ SORP., ma(e judgements and 8sllmate5 that are reasonable and prudonl., $tstg whpth8r applicable UK Accounting Standards have been followed, sublecl lo any rnaterlal departures d13rJo8ed and explained in the financlal $lolements'. and - prép8fè fin8nci815tatements on the golng ¢oncem bagls unless It Is InappToprfale to presurn? Ih41 the Charity wlll ¢onllnu8 operation. Th• Tru$teos arè r•sptsn8lble for keeplng adequate accounllng records that dlscfose wth reasonable gccuracy 8t any rne the fjn8na81 position of the Charity and enoble them lo fynsurg Ih$l th¢ finoncial statements comply with the CompanieS Act 2006. They Are also r&spun$ible for safeguarding the assets of the Charity and henco for taking reasonable steps for tho prevenon and deteetlon of fffjvd and olher Irregularibes. In so far gs the tw$l8•$ er• 418.. . there is no rdevant audll InfOrMaon of whlch tha chsrftsblè companls audltor Is unawarè., and the tNstees have taken all steps that they oughtto have tok•n to maka Ihomsalv•s aw#re of any r•lev•nt 8udS1 InloTmation and lo establlsh that the audltor Is aware of that infomatson. Th• trysteos ar m$pon$lble for the maintenance and Integrfty of th• corporat• and flnancial Informatlon Included on the charitable company's website. L•gislation In tho United lfjngdom govemlng the prepgrauon and dissfjmlnalion gf ffin8nclal statements may differ from legislation In otherlurisdictions.
VALE HOUSE OXFORD CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VALE HOUSE OXFORD Opinion We have audited the financial ststements of Vale House Oxfgrd (the 'Chgrity'1 for the year ended 31 March 2023 ich comprise tha statement of finanaal activiti&s, the balancè shaél, thè stat&ment of cash ftows and noles lo the finanaal statéments, including sionificant accounting policies. The financial reporting framèwdrk that has b6&n applied In their preparation is applicBble law and Uniled Kingdom Accounting Standards. indudlng Fin8nclal Reporting Standard 102 Tho Financial Rèporting Standanj appliGab18 in Ihè UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our oplnlon, the financial statements.. glvB a true and falr view of the state of the ¢harflablt comp8nVs affalrs 85 al 31 Mar¢h 2023 and of its Incomlng resouTces and 8pplication of resources, for the year then ended.. hsve been properly prepared in accordance with United Kingdom Generally Accepted ACCOUnn0 Pra¢tlce', and have b98n prpared In accurdance wllh th• requlrements ofthe Comp8nles Act 2008. Bagls for oplnlon W& conductèd our audSt In accordance wlth Int?Fnallonal Standards on Audldng (UK) IISA5 IUKI) and applieabl• law. Our r86ponsibilities under those standards ore further described in Ihe Auditorfs rnsponsibilities forth8 audil of th& ffn8ncial statoments sèctitsn ol uur report. gre indepondenl of Ih? Ch4rlty in gccordanca with the ethlcal raquirèments that are relSn1 lo our audit of Ihe financial 51atemenls in the UK, Including the FRC'S Ethleor Stsndard, and we have fullilled our other ethical responsibilities in accordance with Ih85e requir8manl$. Wa bli¢v8 that the audlt evidence we hava obtalnèd Is SLrfftcl•nt and approprtate to providé 8 basis for our oplnion. Conclu•lons relatlng to golng concom In audIng the f5nancial slalom&nls, w¢ hav¢ concluded that the Iru8t•0S' Use of the going concém bas18 01 accounlng In th8 prepar8tion of th8 Ilnancigl statements is approprfal•. Based on the work we have performed, we have not identified any molerial uncert8inNes relating lo events or conditions tha( individuolly or coll¢ctively, may cast si9nlficanl doubt on the Charlty's ability to continue as a going cone8m for a perlod of at Ist e1ve months from when the financlal stslements are authorised for1g$ua. Our responsibllil•s and thè rèsponslbililleg of thè Trust88s th respeci to golno conc8Tn described In the ralavant saclions of this report, other information The other Srforrnalion comprfses the Inlormallon included Sn tho annual report other Ihan th8 financlal slalements and our auditorts report thereon. The Trust•es are responslbl& for thè other Information contained wtthin the annual repoTL Our opinSon on the fin4ndal statements doès not cover the otheT informatlon 8nd wo do not &xpress any fomi of assur8nce conclu51on thereon. Our responsibility Is to read th8 other infoTmation and, in dolng so, conslder ether the other infomiation Is matari$lly inconsistent with thè fin8ncig1 statemènts or our knowledge obtained in the cOue of Ihe audit, or gtherwise appears to be rnaterially mis3tated. If we identify such malprlgl Inn$[Ste_n.les or opporont rnEltorid migStatoment8, we are requirod to dcttomine wh&lher thig gives TIS0 to a molorial MiatatOMOnt In the financl81 statemènts themselves. If. bag8d tsn thè work we have performed. w8 eonclud• that there is a material mlsslatement of thls otherlnfonmation, we are Tequired lo report that facL We have nothlng lo rep¢rt In th15 regard. Mattèrs on which we arn required to report by exception We have nothing lo report in respect of ihe following matters In relation io whleh the Charflles {A¢¢ounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in tho financial statements is incvnsistent In any materlal respect Trmth Ihe tiuste?$' report., or sufficient attttounting records have not been kept,. or the finanrjal ststemen15 are not in agreementwith the accounting records., or WÈ havé not rècèivèd all the information and explanations we require for our audit.
VALE HOUSE OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALE HOUSE OXFORD Rasponsiblllti•s of TNstees As explained more fully in the statement of trustees, r85ponsibilities, Iha Twstees, who ar& also the directors of the Charity for the purpose of company law, are responsible for thè préparation of thè financial statements and for being satisfied that they glv& a true and falr vlew, and for su¢h iniemal control as the TTUStee5 delemlne is n•cests3ry to enable the proparallDn of flnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the fnancial slalements, the Trustees are responsible for assessing th¢ Charity's ability lo continue as a oolng concem, dlsclosing, as applicable, matters related to going cen¢eTn and using the golng ncgm basls of accounting unless the Trustees eilher intend to liquidat• the tharitable company or to cease operation8. or have no aliStiC alt¢rnative but to do so. Audltprfs responsibllltles for the audit of the financial statements We have been appointed 85 auditor under section 144 01 the Charfligs Act 2011 anrl report In accord8nc8 wth th8 Act and relavont regul&tir)ns made Dr having 8ff8Ct Ihpreunder. Our obl6cllves are to obtaln r8asonaU• assuranc8 about wh8thgr the flnanrlal ¥tstsm¥nl# as 8 wholè 8r• frè6 from material misstatemènt, whèthèr du8 lo fraud or erTor, and to Issue an auditovs report that includes our opinlon. Rea$onab5e assurancg is a high level of assurance but is not a gu8r8ntee that an oudit condueted in accordance wlth ISAS IUK) will always d8tect a matari81 misst8tement when it ests. Mlsstalem8nts c8n arisè from fr8ud or error and considèred materi81 il, individually OT in the aggreg8te. they could reasonably bo expected to innuence the &Mnomlc declsions Df ugers takon on the basis of th85e financial ststemnts. Tha extont to whlch our procedures are capsblè ol (Sèlecting Iagulati•$, Includlng fraud, 18 datglled below. Our approach to EdentyIng and 853essing the risks of malerfal mls$tat8m8nt In rnspect of Irrngulartfjes. Induding fraud and non-compllance wlth law5 and regulauons, was as follows.. the engagement partner ensured that the engagement te8rn collectlvely had the 8PPmPriAtè competence, capabl1$ and $kllls lo Identify or reeognise non.cornpll8nc8 wth appllcobla laws and regJlations,' we idenbfled th8 laws and r•gulgtlons 8ppIIc8b18 to thFJ company through d18¢U$8lons wth dirèctors and other management. and from Qur knowl¢dge and experience., we focused on speafic laws and regulations whlch we con$lder8d may have a dlrect mal&rfal •ffecl on Ihe financial statements or the Operations of thè tompany. we asges$ed the èxtent of compll*nce wlth the laws and ragulgtions Id•ntiftod abov• through makin enquiries ol managemont and Inspecting lagal corrèspondence where applicÉble', 8nd idenlifi$d laws and regulabons were communicated within the aud taam regularly and the team Tèma1ned alert lo instsnces of non.compllance throughoul th• audiL We assessed the susceplibility of the cOmpanS financial stat¥mgnts to material mi$slatgrnanl, Sncluding obtalning an understanding of how fraud might occur, by.. maklng enquirie5 of managemant as to where thèy considored thoro was susceptibility to fraud. their knovAedge of actual, suspectèd and all#gé(l traud". consldÈrtng the intemal controls in place lo mitlgate risks of fraud and n0cOMpliance wth laws and regulations; and
VALE HOUSE OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALE HOUSE OXFORD To address the risk of fraud through management bias and overrlde of controls, wo.. p8rfomi?d emalytir&l procedures to identify any unusual cf un¢xp8Cted relationships.. tested joumal entlles to identify unusual transaciions., assessed whether judgeJnents and assumpllons made in determining the accounting estlrnates wero indicative of potential bias.. and investigated the rallonfjlo behlnd slgnlflcant or unusual transactions. In response to the risk of irregularities and notpcomplian¢o wlth laws and regulaOn$, we de$lgned procedures whlch Included, bLrt were not Ilmiled to.. agreelrlg financial sialemenl disc1ureS to underfylng supportlng dowmentalon., readin9 the minutes of me911ngs ofthose charged th governance., on4ulring ol management as to Bctual and potential litigaUon and dalms., revlawing relevant correspond•nc•. Therè are Inherent Ilmitations in our audit procedures do$crfbed abtsvts. The mora r8moved that laws and regulations are from financigl trgnsactlon$, th& less Ilk¢ly 11 Its that W8 would bècomt awam of nonvcompllan¢8. Auditing standards also limll the audlt Procedures requlred lo idonllfy non-¢ompliance with laws and regulauons to gnquiry of th8 dlrectors and other Th&n8gament end the Insp&ctlon of ragulatory andlogal corr•$pondgnc8, if any. Material mSsstat•m&nts that 8ri$¢ due to fraud can be harder to detect than tho$& that arf$tr from èrror as they may Involve dallbèr8t8 concealment or colluslon. A futh•r dgscriplvn of our re3ponsiblllies 1$ available on the Flnanclal Reportlng Council'8 webslle 8t.. http$'.11 www.IrGDTg.uklaudilorBrosponsibilitias. Thls description forms part of our auditof8 report. Us8 of our report Thls rèport is made tsolely to the th8Ttty's trustees, as 8 body, In aceordanca wlth part 4 of the Chariues IAccounts and Reports) Regulations 2008. Our #udil work has been undertaken so that we might stale to the charity'g Irusteeg those matters w8 are required to 51ats to them in an auditor's r•port and for no other purpose. To th¢ fullest extent permrtted by law, we (to not accepl or gssum& responsibility to anyone oth&r than tho charfty and ihe chgrity's tnjstees as 8 body, for our audit work, for this r?pDrt, orfor the Dpinions we have fofflied. Robert Klrtland Isenlor Statutory Audltor) for and on behalf of Crttchley8 Audlt LLP !.Ql.1Q12Q23...... Chartered Accountants Statutory Auditor Beaver House 2&38 Hythe Bridge Street ¢Jxford OX12EP Criichleys Audit LLP is &ligibl8 for appointrn8nl as avdilor of Ihe Charity by virtue of its eligibility for appointment as audit of a company ijnder section 1212 of the Companies Act 2006.
VALE HOUSE OXFORD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AIARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted nds funds 2022 2022 Total 2023 2022 Note$ Income fro Donations and legaaes Charitable activib8s Investments 57,256 2.768,227 2,849 57.256 18,124 2,7e8,227 2,277.816 2,849 290 80,803 96,927 2,277.818 290 Total Income 2,828,332 2,828,332 2,294,230 80,803 2,375,033 endlture on: Fundraising costs of grants and donations 216 218 21e 218 Operolon of Care Home 7 2,422.849 307,927 2,730.778 2,227,9S9 301,713 2,529.712 Totsl P¢nltUre 2,423,066 307.927 2,730.892 2,228.215 301,713 2,529.928 Net galnslllo55es1 c Inv•sbn8nts 12 130,2031 (30,203? 150 150 Nttt movement In funds 375,064 1307,9271 87,137 88,185 1220,910) 1154,7451 Fund balancos At 1 Aprll 2022 3.799,S49 716.603 4.51e,152 3,733,384 937.513 4,670,897 Fund balancos at 31 MaY¢h 2023 4,174,813 408,676 4,583,289 3,799,549 716,603 4,518,152 Tha slatement cf financial activities includes all galns and losses rècounlsad In thè yaar. All Income and expendllure deriv& from continuing activitles. The atslement of financial activiti8s also coinpli8s willi IliÉt i¥quiigirieIi 411 iiiuuiiig uii¢J exnllY accounl under Ihe Companl•s Act 2006.
VALE HOUSE OXFORD BALANCE SHEET ASAT31 MARCH2023 2023 2022 Notas Fixed assets Tangible assets Invesbments 14 15 3,598.581 $42,567 3.795.800 372,770 3.941,158 4,168,570 CubTent assets Debtors Cash at bank and in hand 16 95,937 737,739 107,373 464.899 833,878 572,272 Credltors: amountTS falllng due withln one year 17 {191,545} {224,8901 Net current assets 642,131 347,582 Total a¥set$ less current Ilabllltl•8 4,583,289 4.616,152 Income fundB Re$lrict&d funds UnrestrfEied fundg 18 408,676 4,174.813 716,603 3,799,549 4,583,289 4,518,152 Tha company Is entmed lo thè exemptlon from the 8udil Tequlrem&nt contalnod In Bection 477 of the Comp8nlgs Act 2006, for the year ended 31 March 2023, although an audlt has b••n car•d out under soction 144 01 the Charltle$ Act 2011. Tho dlr•etors aeknowtèdge thelr responsiblllties for CDmplying th the rer4ulremenls of the cNnpQ•s Act 2006 wSlh respect to ¥ccounfjng records and the preparat4on of flnandal statements. Th• mèmbers havè not rèqulred the company to cknlain an audit of ils financial 5tatement8 under the requlr¢menls of the Companies Act 2006, for the year in qu&stion in accordan¢9 wlth seclion 476. These financial statements hBve begn prepared in acwrdance with th$ provisions applicable to companies subject to th9 small r(mipAnlg8 rHuitRp. The fln8nd81 staturtents wer• approved by the Trustees on ......................... le22 Catherine Opp&nh8i Trustee 8r (Chair) Company Yeglstratlon numbèr 2220564
VALE HOUSE OXFORD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 NotES Cash flows from operatlng a¢tlvllle$ C8sh gene¥ated frotnllabsorbpd by) operations 21 306.033 175,850) Inv¢stlng actlvllle5 Purchase ol tsnglble fixed assets Investment Income received {36.0411 2,848 150,644) 290 Net cash used In Inv?¥tlng Bctlvltles I33,1) (SO.4) Net ¢Ash u$od In flnan¢lng activltles Not [n¢rea$trlldr6asOl In Gash and ci$h equivalents 272.840 1128,2041 Cash and cash aqulval&nl$ al bèglnnlng ot ytar 464,899 591,103 CA8h and oM8h •qulval¢nt8 at ènd of yèar 737,739 464.889 10-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Charity inforniation Vale House Oxford is a private company limited by gUate¢ Incorporated In England and Wales. The gistered office is Vale Hou8B. Sandforil Road, kn"iUemore. Oxford, Oxford5hire. OX4 4XL. 1.1 Accountlng eonventlon The financial statsments havè baan prapar•d In accordancè with the Charlty5 MÈmorAndum and Artsd6s of A$sociatlon, th& Companies Act 2006 and 'Accounting and Reportlng by Charitie5'. Statement of Recommended Practice applicable ta charities weparing théir accounts in 8ecordanc& with the Financial Reporting Standard applicable in the UK and Rapublie of Ireland IFRS 1021 leffectiva 1 January 2019)" Tho Charlty Is a Publlc Sen8fit Éntity as defined by FRS 102. The finan¢ial staltsmènls are prepared In sterlino, whlch is the functional currency of the Charlty. Monetsry amounts In thè$0 financlal statements 8re ioullded to ihe nF#arest £ Tho ffnan¢lal statements have been prepared under Ihe historical cost convention. modified to Include the revaluation of freehold praparties and lo include inv•stm$nt properties and certain financial irsstrum8nts al faif valuo. The prfnclpal accounllng PDil¢l8s 8dopled are sel out below. 1.2 Golng con¢•m At the time of approvlno the fingndal stgt9m¥nts, Iha Trustees have a r•asonabl? oxpeclallon that the Chgrfiy h8s ad•qualg rosourcBS to conllnuo In operallonal eX5sten lor the foreseeable bJtur8. Thu$ th? Trustses CC>ntinue to Édopt the going concem basS5 of accounbnp in propadng tho financlal slatemenls. 1.3 Chftrftable funds Unrestricted ndS ar• 8vallabl8 for uso at th• dlserèuon of the Trustees furtherancè of th•lr chgrttable cl)ledve$. R8sldct8d funds are Bublect10 5peafic conditions by donors as to how they may ba LÈsed. The purposes and uses of the r•strfct•d funds gr• sat out in Ihè notas lo the finandal 8tat•ments. 1.4 Incomo IneomB is recognised when the Charity is legally entided lo It aft¢r ony perfomiance conditions have been met, the amounts Can be meogured reliably, il Is Probable that income w(11 be received. C8gh donatlon$ are recognised on recelpl. Other donatlons are recognised onc& the Charity has been notlfied of the donation. unles5 performance condltlons requlrÈ deferral of Ihè Amount. Income tax recoverable In Telauon lo donatlcns recelved under Grft Ald or deeds of covenant is recognised at the time ofthe donation. Legacles are recognlsed on reeelpt or OtheSe il the Charity h85 been nodfied of an impendlng d15tn'buOon. the amount is known, and receipt is expected. If the amourbt is not known. the legacy is treated as a conllngenl ass. 1.5 Expendlture All expenditure is accounted for pn gn 8ccwals bgsis and has been classrfied undgr he8dings that 811 aggregate 811 cos1$ r8lated to the category. Expendire is recognised where there is a legal or conslructlvp Dbligation to make payments to third p8rbes, it is piobably that thE settTementwill b¢ requSred and the amount of the obligaiion can bg rrig8sured reliably. It is categorised under the following headings.. Costs of raising fLtnds includes those incurred in seeking voluntary contribubDns and do not includè th& costs of clsseminating inft>matlon in support of the charitable activities., Expenditure on charitsble activ>ties indudgs tho costs associated the operation of the homg'4fKI Olher expenditure Tepresents those iterns not falling into the ¢alegleS above. 11
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies IContinu&dl IrreGoveTable VAT is charqed as an expense against the activlty for which the expenditurè arose. Support oo$ts 4r¢ those that as$i8t the work of the bul do not dlre¢Uy represent charitable activifjes and include office costs. govemance costs. adfflinistralive and payroll costs. Th8y arg incurrèd directly in support of expenditure on the objects of the charity and include project manegement. ere 8UPPOrt casts annot be dlrecdy attributed to particular headings they have been dlorated to wsl Df raising funds and exp8ndilure on ch8rrt4ble activities on a b881s consistent wth use of the resourc85. 1.8 Tangiblo fixed asset$ Tangible fixed assets are inilially meosured 81 cost and subsequenyy m98surad at C08t or valuatlon, not of depr*ciation and Sny impairrnenl lossès. Depredalonls recogn15ed so a5 to wdte off the c08t or valuation of assets less th?Ir r•sldual v8lue5 ovar Ihelr usefijl liv$$ on the foIlowlng ba$es'. Land Vale House SandfoTd on Thames Equipment 4Va Stralghl Ilne 20VA straight Iln• Th• galn or 1098 arfslng on th• dlsposal of an a8S•t Is determlned as th8 dlfferen¢• bgts¥8gn the sal• proceeds and the carylng value of the and is recognised In the statement ol finandal a¢Uvll&s. 1.7 Flx•d a¥8•t Inv•stm•nts Fixed asset investmonts arg Initiolly meesurad at transoction pric6 exdudlng transaction costs, and are subs9qUonlly mea$ur8d at fair value al each repartlng dale. Change$ in fair value recognlsed in net Incomellexpendlturel for the year. Transaclon co818 are expens8d as incurred. 1.8 Impalrnient of flxod 4$8fjts At each reporung and date, th• Charity r&vlews thè carrying amtsunts ol Its tanglble assets to detemilne wheth•r thére Is any Sndlc8Utsn thxt thos• assets h8va sufferod an impalm)•nt loss. 11 any such indication exlsls. the recoverable amount of the a55el Is estimated In order to detemiine the extent of the Smpalnment loss lif any), 1.9 Cash and c4sh eguivalents Cash and cash equivalents Indude cash In hand, dep051ts held al c811 th banks, other short-term 1Squld Investments with original maturities of three months or less, and bank ovardrafts. Bank overdrafts aro Shown wIINn borrngts In currenl118bllltS8s. 1.10 Flnanclal Instrumonts The Charfly has elected to apply the provislons ol Section 11 'Basic Financi31 Instruments, and Sectlon 12 'Other Financial Instruments Issues, of FRS 402 to all of its financial instruments. Flnandal Instruments are recognlsed In the Charity's balance sheet when the Charlty becomes paty to the contractual provisions of the Instrument. Financial assets and liabilitie5 are offse( with the net amounts wesanted in the finarscial statempnls, when there is a legally enforceablè rfght to set aff the recognlsÈd amounts and there 15 an Int¢nthon lo settle on a net ba$ls 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 2023 AoUntIng pollcles {Contlnued) Basle flnanclal as$ets Basie finmnclal gssets, which indude debtors and cash and bank balances, are initially measured al tran8action price including transaction cosls and are subSeqLsenY canied al amortised cost using the effective interest method unless the arrangement constitutes a finandng Iransadion, where the Iransactitsn is measured at thè presènt value of the fLrture receipts discounted at a Mar1 rate of interest. Financial as3els dassifièd as rèceivable within one year are not amortised. BAsic flnanclal Ilabllltles Basic financlal liabllllles, Includlng creditors and bank loans 8re initiBlly racognis&d at transaction price unless the aangernent constitutes A financing transaction, wherè the debt 1113trumènt is mèasurad at th& prèsent value of the fvlure paymonls discounted al a market rate of interest. Financial liabilitie5 das51fled as psyabl8 thln one year not amortised. Debt InslNmfjnls ar• subsequently carried at amortised cast, uslng th& •ffoctiv• Inl•r•st Tate rnethod. Trade credllors are obligations to pay for good8 or servl¢es that have been acquired In th• ordlnary course ol opeTations from suppliers. Amounts payabl• are dassified as Cent liabilities if payment Is duè thI1) on& year or Igss. If not, they are presented as non-current liabilitiès. Trade cr•ditors are racognised iniliaSly at tran3actlon price and subsewenuy m0a8urod at am0¥¢d cost u84ng the effethv8 Interest method, Derecognltlon of fln8nclal IlabllRIgs Flnanclal Ilal%lilies are d8recoonlsad when th8 Charfty's contractual Obl¢qaon$ explra or arn dlschargad or cancelled. 1.11 Ernployee beneflts The cost of any unused holiday enlHlament 1$ recognls&d Sn the period In whlch the •mploye•'8 s•Nl¢e8 are r8celvod. Terffllnation benefits are recognls&d Immedlately as an expense when the Charity Is demonstrably commltted to temiinalè the grnploympnl Df an employee or to provide tgrmlnaUon benefits. 1.12 Retirement beneflts Payments to dafin•d eontributlon retirernent benefit schen7es are Chorged as on expense a3 thBy fall due. 13-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crftlcal accounting estimat•5 and judgemettts In the application Df the Charity's accounting policies. the Trust6es are required to mak& judgem1$, estirnat8s and assumptions about the caTrying amount of assets and liabllhles that are not readlly 8PP8rent from oth8t sources. The estimates and assoclatFd assumption5 are based on historical experience and other fadors that are considered to ba rè18V8nt. Actual results may differ from these estimates. The eslSmates and underfying assumptions ore reviewed on an ongoing basis. Rev]sions to accounting •Slimates are recognised in thé perlod in which the estimate Is revlsed where the revl$lon affect$ only that period, or in th• peried of the revision and future periods where the revlslon affects both Buent and fLrture p¢rf¢ds. Key sour¢&$ of •stlmation tsncertainty Oepreclatlon Depreaatijn was c8lculated ba3ed on the eslimaled us¢fvl #conomlc Ilves of dlfferanl categc*las of flxed assets. total depreciation during the year ended 31 March 2023 was £233,251. 14-
Or 11 i.
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Charitable actlvltles Fee Income Fe¢ incomè 2023 2022 F*&s wthin charttablE acllwtles Other Incomo 2,788,227 2.273.185 4,631 2,768,227 2,277,816 Investments Unrestrlct¢d Unrestricted lunds fund¥ 2023 2022 Interest recelvablg 2.849 290 Rllslng funds Unr•strlcted Unrestrictsd lund• fund$ 2023 2022 InveStrn1 Managem8nt 218 218 216 218 16-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable activitie 2023 2022 Wages, salAria8 and tralning Depreaatlon and impairment Property costs Food, medlcal household •xpenses 1,934,800 1,827,131 233,251 227,037 313.751 258,938 197,224 174,266 2.878,828 2.487,372 Share of support costs (see note 81 Shar* of govérnance ¢osls Is68 note 8} 44,496 7,454 35.975 6.285 2,730,776 2,529,712 Analysls by fund Unrestricted fvnd8 Restricted funds 2,422.849 2,227,999 307,927 301.713 2,730,776 2,529,712 Support costs Support Govamance ¢oBts co¥ts 2023 Support Goveman¢e costs eosts 2022 Office costs 8ank charges ProfessionBI charge5 Staff related costs Travel and Communicat¢on costs 2,458 638 35,819 1,278 2,456 638 35,819 1,278 1,977 640 28,023 2,e59 1,977 28,023 2,859 4,305 4.305 2,876 2,678 Audit leos 7,464 7,4S4 44,496 7,454 51,$50 35.975 6,3e5 42,340 Analysed betsvean Charitable activitles 44.496 7,454 51.950 35,975 6,365 42.340 Govem8nce costs indude$ payments to the auditor8 of £7,45412022- £6,365) lor audit fees. 17_
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Net movement In funds 2023 2022 Net movement in fijnds is slatsd after chargingllcredittngl Fees payabl& to the company's gudllorfor tha audit olthe company's ffnancial stakments Depreciation ol Med tsngible flxed assets 7,454 233,251 227,037 10 Trust¢•s None of the Trusl?es lor any persons connècted wth them) received #ny remungrat4on, oxpenges or b•nofi16 from the Charity dunng the year. Donatlons made by the chority lo the Irust8es In tha y&arlfJlalled £nll12022.' £nlll 11 Employees The averag& monthly numbeT of omploy•ès during the yoar wa 2023 Numb•r 2022 Mumher AveTage lull.tima èqulvalent numbor of staff Av•rag8 monlhly numbeT of $tsff 11 89 70 Employment ¢oJts 2023 2022 Wages #nd 5918ries Social security costs othgr pension B08ts 1.727,577 151,345 5S,678 1,861.301 125,701 50,129 1,934,600 1,827,131 The number of employees whose annu81 remuneration was £60,DfJ] Dr mo were.. 2023 Number 2022 Number £60.000- £70.(0 18-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Net gainslllo$$o$1 on Inv?5tments untrICd Unrostricted funds funds 2023 2022 Revaluadon of inv•stmentS 130,2031 150 13 Taxation Th8 charity Is exempt from tax on In¢om8 @nd galns folllng within sectlon 505 oflh8 Taxes Act 1988 or s•cUan 252 of th? faxationof Chargeable Gains Act 1992 to the ext8nl Ihat thes0 are applied to Its charllab18 objècts. 14 Tanglbl• flxad assots Vale Hous• Sqndlord DVI Tham Equlpmvnt T•tal Ct At 1 Aprfl 2022 Addluons 5,361,553 408,377 38,041 5.769,930 36,041 At 31 March 2023 5.381,553 444.418 5,805,971 Oepreclatlon and Smpalrm?nt At 1 Apdl 2022 DepreCIaOn Charged In th• year 1,689.860 185,540 304,289 47.711 1,974,129 233,251 Al 31 March 2023 1,855,400 351,980 2,207,380 CaTrylng amount At 31 Mah 2023 3,506,153 92.438 3,598,591 At 31 March 2022 3,691,693 104,107 3,795,800 Th& carrying value of land at Vale Hous• Sandford on Thamfts 18. 2023 2022 Freehold 723,064 723, 15 Fixad asset Investments
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Fixed assèt invèstmènts (Continued) Llsted investments C05t pr valuatlon At 1 April 2022 Valuation ¢hanges 372,770 130,2031 At 31 Mar¢h 2023 342,587 Carrylng amount At 31 March 2023 342,587 At 31 Mgrch 2022 372,770 2023 2022 Inveslmgnts at fair valua comprfse.. Equltiès Bonds Propety Hedge Funds Cash CommodIe$ 119,952 176,383 29,557 8,375 6,703 1,597 152.901 182,284 39,088 10.886 7,631 342,567 372,770 202J 2022 Amount5 falling duo within one year.. Trade debtors Prepayments and accrued income 71,490 24,447 79,952 27,421 95,937 107,373 -20-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Creditors.. amounts falllng due wlthln one year 2023 2022 Other taxation And sorA81 securfty Trade creditors Olher credilcrs AccTuals and daforr&d income 34,297 123,842 110 33,298 42,698 11?,597 11,110 51,285 191,545 224,690 18 Rèstrlcted fund Thg Income fijnds of tho charity indude reslrictsd fijnds cornprlslng the foi[cng un6xpended b8lanc&s ol donations and grants held on trust for spedfic purp05e$'. M0ment In funds Incomlng t•sour¢B¥ Resourc Bil8nc• at •xpendod 31 Morrh 2023 1 Aprll 2022 Restrlct•d funds 716,e03 1307,927) 408,078 19 Analy$ls of net as¥ots b•twtron funds Unr¢strt¢t¢d Re$trlcted rund$ funds 2023 2023 Total Unrestrfctsd Rtstrlctsd funds fund8 2022 2022 Total 2023 2D22 Fund balances at 31 March 2023 are representod by.. Tangiblè asset$ Investments Current as9etgllliabililies) 3,189,915 342,567 842.131 408,678 3,598,591 342,587 642,131 3,079,197 372,770 347,582 718,603 3,795,800 372,770 347,582 4,174.613 408,678 4,583,289 3,799,549 716.803 4,516,152 20 Rdated party trnn$Adlons Remuneratlon of key managoment personnel The remuneration of kgy magement rS¢nneI Is as follows. 2023 2022 Aggregate compansation 261,420 198,859 21-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 20 Related party transactions (Continued) Tr3n54Ctlon$ wlth related partles Durinu th8 yearthe Charity had no tran8aclion8 With related parties. 21 Cash generated from operatlong 2023 2022 Surpluslldeficitl for the year 67,137 1154.7451 Adjustrnents for. Investmfjnl In¢omo recognlsed Sn stsl&m&nt of finandal 8dlvlll•s Fair value gains and105ses on investments DepredaOn 8nd ImpaSmient of langlble Ilxed assats 12,8491 3D,203 233,251 (290) {1501 227,037 Movements In worklng capitsl.. Decreasellincr¢8sel In d$bt¢rs ID•crease} In credf( 11,438 133.145) 142,6S5) 1105,0471 C84h ggnerited fromllahorbed by) operatlon$ 306,033 175,850> 22 Anolysls of thangos In nèt fvnds Tha Ch8Tity had no debt dudn9 the year. 22-