ChaTIty ro918tr4ilon nUmr 299766 Company reqlstrallon number 22206641EnglarMI and W•lo•1 VALE HOUSE OXFORD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
VALE HOUSE OXFORD LEGAL AND ADMINISTRATIVE INFORMATION Tru$tae¥ Er L Quested (Chairf) John Bameby Jill Bradbey. Robert Foster Ben (kndger Neil Maonlosh Ru[rt Mcshane Justin Moore Catherine Oppenhginw Mwy Clathe (Appoin 23 May 2023) Secretary De Gardner Ch•ffty number 2997 ConY number Regi5ter8d offic• e House Littlemore Oxfordshire OX44XL Audltor Crilthleys Audit LLP 2>38 Hythe Bridge Street Oxford OX12EP
VALE HOUSE OXFORD CONTENTS Pag¢ Trustees. report Statement of Irusl¢o$' SPOnSIbl11e$ Independ8nl audttorfs report Slatemènl of fin8nclal actlMlSe8 Balance Bheel stalgmenl ol cg$h flow$ 10 Notes lo the finBndal statamenls
VALE HOUSE OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present thelr report and flnanelal statemenlg for Ihe year èndèd 31 March 2024. The finanrial statements have been prepared in accordance with the accounting policies set out In note 1 to the ffinancial slalements and comply wllh the charlly's governing document, the CompanSes Act 2006 and Accounllng and Reporting by Charitiès,. Statement of Recommended Pradice applicable lo charities preparing their accounts in accordance with the Flnancial Reporting Standaid applicable in the UK and Republic of Ireland IFRS 1021 {0ffecliv8 1 January 20191. Oblo¢th1•s and actl¥lllo¥ The Charity's objects are specAficalty r8slricted to the following.. To caro for poople wSlh dements'a however 8$vere or compllcaled; To support the familles of tho resldonls., To particlpale In research lo better understand the causes and trealm8nl of all typ&s of dementig., To teach th8 skills requlred for the care of dgmenlla and reach out lo the der community lo promote be8t practlce,. To dgvelop an outreach service for support of famllies camng for relauves with dementSa. The pollc188 adopted In furtheranc8 of Ihese objects are In accordance with Be$1 Pfactsce and there has bogn no change in the8e during the year. The Truyleey have pald due regard to guldance i8sued by the Charity Commission in dldIng what aVitIeS Ihg Charity should undertake. Achl•v•m•nts and prfomian¢• Our senlor management leam comprislng of Head ¢1 Home, Lysbelh Weeks, Clbnical Manager, Jo Gambrell and Finance Manager, John Rlchard80n have all worked exlrernely hard to malntaln our hlgh ytandards, supported by the whole staff group al Vale House. The leam and our excepllonal staff conlinue lo woTk lo ensure that our reBldents reC*e excellent care, are kept 5af8 and that a range of activrfies including art and muBlC therapy are made available and accessiblg lo Ihgm. The Home Is currently fully staffed and recrultmont Is focusod on staff from within thè United Klngdom. However, recrultment of staff femalns difficult., in particular, with regards lo the dglayo(I Issu¢ of C¢rtlficale6 of Sponsofshlp. The t6am are eommillod Improving $1gff r¢l&nlion 8nd with full slaffing. Ihe reliance on agency staffing is reduced. Support lor famili8S is a defining characlerfsllc of Vale House and w& hava 8 family support team who are committed to supporting thè family and fri8nds of each new resident. The team will slay in touch with the relatives lor twelvè months aftèr thè rasidènl dies, supportlng thom through their bereavement. Vale House was in8pected in Juty 2021 by the Care Quallly Gommission ICQCI and has recelved a rallng of 'Good'. Vale House is currontly takong part In thè tr8inin9 01 students who wlll avenlually work In dementia care. It 55 also taking part in research al a nattonal level lo Improve dementia Care including through the Care Home Research Nefvlork and collaboration wrth Oxford Brookes Unlversily. We lake nursing student5 on placement from Oxford Brookes University. and we have a good reputation within the University as providing an excellent learnlng environment. Thi5 year we are taking an Occupats'onal Therapy IOT) student on placement.. thi$ will b¢ the first limo that 8n OT student has been placed wlthln a care home durtng thelr tralnSng. FIMn¢lal revlow
VALE HOUSE OXFORD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 11 is the policy of the Charity that unrestricled funds which hava not been d8signat9d for a specific use shoukl be maintained al a level equivalent lo betsveen three and six month's 6xp8ndilure. The Trustees consider that reserves al this level will ensure that. in the ev&nl of a significant drop in funding. they will be able to continue the Charity's current activities while nsideratIon is given lo ways in which additional funds may b8 raised. This level of reserves has been maintained throughout the year. A cautiOUS, Sustainable investment plan has been entered into ¥Mlh Handèlsbanken Wealth and Asset Management (forrnerfy Heartwood Inveslmenl Brokers) as part of the lon9 term strategy for funds which are not retained to meel the ongoing working capital requirements of the Charity. The Trustees have assessed the major risks lo which the Charity is exposed, and are satisfied that sy¥lems are in plac& lo miligal8 exposure lo Ihg major risks. Stru¢tur•i govomance and management The Charity is a company limited by guaTanlee and has no share capital. 11 is govemed by its Memorandum and Arti¢les adopted on 2nd June 2016 and is registered as a charity with the Charity Commission. Anyone over the age of 18 c8n become a member ofthe Charity and there are currently 10 members12023'. 12 members). The Trustses, who ar8 also the directors for the purtK)se of company law, and who serv8d during the year and up lo the date of signature of the finanfy81 ststemènts were.. Dr L Quested (Chair} John Bameby Jill Br3dley Helen Carter Robert Foster Bèn Goodger Neil Macintosh Rupert Mcshane Justin Moore Calh8rine Oppenheimer Damian Payne Mary Clarkè (Resigned S OCtor 2023) (Resigned 13 March 2024) (Appointed 23 May 20231 èn thè need to appoint another TTuslee arises, suitable candidafes are interviewed by the Chalr 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 arKI guarantee to contribute £1 in the event of a winding up. Th8 Trustees have been responsible for all aspects of running Vale HoLJse Oxlord. The Trustees met, wrtually, 6 limes during the year and these meetings also involvèd the Registered Manager, the Clinical Manager and the Treasurer. A Trustees strategy meeting was held In Novgmber 2023 and the strategy for the Home approved until 2027. Thg Trustè8s have delegated 8ofTTO powers lo sub commitfees. The Finance and General Purposes committee deals with certain financial, compliance and non-care issues. and the Care and Qualty commtttee deals with certain Care and qualty issues, compliance and the care sid8 of the Home. Both of these committees are ullimat8ty responsible lo the Trusts. Al the time of their appointmènt, Trustees are given full infonatTon in respect of the Charrty, as well as a detsiled briefing in respect of the various legal regulations governing the activty of the Home. In addition. Twslees are a(fvised on their own responsibilities as Trustses.
VALE HOUSE OXFORD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 All trustee8 give their tirng frgely no Truslge renwrwatim was paid in the year. D•tsils of Trvstee 8xp8ns8s and related party transactions are disclosed in note 10 ofthe atsx&unts. The TnJst8ès arè Tequir8d to disck)se all relèvant interests and ki accordanc£ th the charrty's pclicy withdraw from deos•)r¢s where a conllK of interest arises. The policy on Trustees, interests ts set out in the ¢hariVs finarril procdures manuaf and a r8gisteT of interests 15 maintained by the charity. The remuneration of th8 R8gislgred Manager. Fance Manager. cThni M8nager and th8 Treasurer are rovth¥ed annually and iniyeased to gnswe Ihat is fair and in line with simlar robes in the sector. The cornpany's ojrrent pdiGy concerning Ihe payment of trat1e fJeditors is to frAl¢x thg CBI'S Prompt Payers CcJe 14 (copie$ are available from the CBI. Centre Point. 103 Ne Oxford StreeL London K1A 1 DU). The ¢x)mpanYs Current kKAicy nCernIng the paynt of trade credrtors is lo.. settle the tems of paymènt with suppbèrs when agng the ternis of each transxknn: ensure that suppliers are made awa of the tèmis of paymant by Induon of thè rolevant temis in o)ntracts; and . pay in accordan lti Ihe mpanS Con1 and olher legal ot4vJabMs. Trade creditors of the wnpany al tho year ond warg eqUNalent to 17 days purchases. based on the averaae daity amOL1 in¥otid by p(er$ (luring the year. Audltor In 8rdance wth Ihe companls arbcles. a resolution proposww thai Crlthleys Audil LLP be rgappointed as auditor of thè company be put at a General Meeting. The Irustees. report was approNEd by the Board of Trustees. Dr L Quested (Chairl Tru8t••
VALE HOUSE OXFORD STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 T,he Trustees, who are also the directors of V8le House Oxford for the purpose of company law, aro respon$lblo for pr&paring the Trustees. Report and the financial slalements in a¢cordanee with applicable law and Unile(I lfjngdom AOntIng Standards {United Kingdom GeneraltyAccepled Accounting Pra¢Aio%l. Company Law requires the Twstees lo preparè financi81 stat8ments for èach financial year which give a true and fair view of the stale of affairs of the Charity and of the incx)ming re80urces and appllcalion of resources, including the IOMe and expenditure. of thg charriable company for that year. In preparing these financial 8tatewn8nls, the Trustees are required lo.. -'select suit8ble am)untSng polici8s and then apply them oon$islentty,- -iobserve the methods and prinaptes in the Charities SORP., - make 5udgements and estlmates that aro reasonable and prudent", ' slate whether applicablo UK Accounting Standards have followed, subject to any material departUTes disdosed and explained in the finanaal statements.. and ', prepare the financial statements on the going concem basis unless it is Snappropriate to presume that the Charity will continue in operation. Th8 Trustees are responslble for keeplng adequate accounllng records that dSsclose wllh Teasonable ala¢Y at any lime the finanaal posrtion of the Charity and enable thèm to ensure that the financial slalemenls comply with the Companies Act 2tKK. They are also responsible for safeguarding the asset5 of the Charity and hence for tsking ieasonable steps for the prevention and detectioft of fraud and other iffegularitie8. In 80 far as the trustees are aware: -,there is no relevarrt audit informab'on of whth the GhaTitable companvs auditor is unaware.. and - the trustees have taken 811 steps thet they ought to have tsken to make themsefves aware of any relevant audit infomiatTon and lo est8bli8h th8t the audiitir is awarè of thal.infermalion. Th& trustèès ara rasponsibl8 for th8 maintenance and integrity of the corporate and financial information induded on the Charitable companls websf(e. Legislation in the Unlled Kingdom goveming the preparation an¢J dlssemination of finawal stsloments may differ from legSslation In oth9r lurisdicbons.
VALE HOUSE OXFORD CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VALE HOUSE OXFORD Opinion have audited the ststemenis of V House Oxtord lthe 'Chartty) for the year ended 31 March 2024 whith comprise the statement of financaal activitiès. baLance sheet. the stslemenl of cash flthys and notes lo the finanrAal stslements. induding sWJnifnt ac£ounting policies. The finar¢c4al reporting framework that has been applied in their preparation is applirable l¥w and United lfjngdom Accwntin9 Standards. induding Financial B8POrting Standard 102 The Financial Repoth"ng S84 $pW8bl in rhe UK and R&puhli¢ of Iland (Unrted Kingdom Generalty Acpted Ae£ounling Practr£). Iri OLY opinion. the financlal staterne: give a true and fair wew of the state of the charitablè companys affaits as at 31 Mard) 2024 and of ils incoming resources and appli(lion of ies(wrrx, for the year thèn ended., have been propedy prepared in a(rdat with United lQngdom Generalty Accepted Ac£ounting Pradt¢e'. and have been wepared in 8CA))rdarTh with tho r1[ements ofthe Companies Act 20C6. Basis for oplnlon conducled our audrt in aCcdarKe with International Standards on AudrtirKJ {UK) (ISAS (UK)) and applicable 18w. Our responsibilities under those $tsndard$ are further ¢Jesuibed in the AOrfs resw)nsii¥7ilies for the audit of the fin8nthal statements sè("on of our rewrt We are independent of the Charity in aC0)rdan with the ethical requiTernen15 Ihat are relevant lo our audit of the finanua stslements in the UK, induding the FRC'S Ethical Stsndaid, and we have fulfilled our other ethical responsibilit$ in a(xx)rdance with these QU1ments. We belie that lh8 audit edenc we ha obtairRd is suffic1 arvj appropriate to [O¥Ide a basis foi oplnion. Conclusion8 velating to going Co¢M In audlting th6 financial slatements, we have conduded. Ihat the trustees. use of ihe going nc¥M basi5 of counting in the preparation of the finanaal statements is appropriate. Basod on the work we have [rrned, Y haNp not entified any material un(rtainties reL4ting to av•nls or Ix)nditions that. indmdually or colleth"vety, may cast swJnificant doubt on the Charity's 8bity to continue as a going ncAm for a perK¥J of at least efve months from when the finan0& statsmenls are authorised for issue. Our responsibilities and the resFKn8ts1ities of the Truslees with resp9¢1 to g¢xng ¢1)nM destribed in the ro18vant sections of thÉs reporL Oth•r Infomiatlon T,he other information comprises the ry)fL%mation induded in the amual rew)rt 0th8r than Ihè financial slat8m&nts and our audTiorfs report Ihereon. The Trustee5 aTe responsible for the other information ¢y)ntsined within Ihe annual report. Our opinion on the finan(#al stslements d¢s nol ¢ovgr the other infom)alon and we do not express any form of assurance Conclusion lheOn. Our spObilitY is to read the other information and. doing so, consder whetr thè other infomation is materialty inconststent with the financial stalemenls or our knowledge obtsined in ItE course of thè audit. or othemse appears to be materiali¥ misslated. If we identify such materi85 incorlStenCieS or apparent mat8rial misstatements. we are required to delennine whether this gives rise to a material mi&stalement in the financy ststernents themselves. If, based on the work we have perfomied. we condude that theTe is materiaj mi88tatement of this other informatK)n. we requir to rewl that fa¢L We have nothing lo report in Ihls regard. IatterI on which W afv reqwred io rnport by èxcèption We have nothing to report in reSFed of the fOlknn9 matt¢rs in relalion to whth the Charilie$ (Accounts and Reports) R8gulatv)ns 2CI)8 require us to report to you rf. in our wnion: the infonnation given in the financial statements is inConsterrt in any m8tell SpeCI wth the truslaes, rèwrt.. or sufficient acwunliThJ rerdS havè not bèen képt: or the financk91 stslements are nol in agreement with the accounting r8cords,' or we have not received 1 the information and explanations we require for our audrL
VALE HOUSE OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALE HOUSE OXFORD RMpon¥lbtlttl of Tiu•ts•$ As explained more fully In the 61atemenl of trustees, responsibil08, the Trustees, who are also the dirfjdors of thg Charity for the purp08e of Company taw. are responsible for the preparation of the financial stat8ments and for being satisfied Ihat they give a true and fair view, and for such internal control as th8 Trustees delermlne is nece88ary lo enab18 iha praparation of financial stalam8nts that ara frè& from materlal mlsslatemenl. whether due to Ifaud OT error. In preparing the financiBI statements. the Trustees are responslbl8 for assessSng the Chailty'8 abillty lo onlinue as a going concern. disdo$ing. as appllcablg, matters r8lal&d lo gobng concein and using the golng concern basis of accounting unle8S the Trusts88 eithèr intend lo liquidal8 the charitable company or lo cease OP8rallon8, or have no rèallstlc allernalive but to do so. Audltorfj ro•ponslbllltl•• for tho audlt of th• ftnanelal Bt•t•m•nt• We have been appointed as aud¢tor under s6clion 144 of the charl85 Act 2011 and report In accordance whh Iha Act and Televanl regulatlons made or having effect thereunder. Our oblectlves are to obtaln rgasonable assurance about whèthèr the financaal glalemenls as a whole are free from malerlal mlsslalement, whether due lo fraud or erroT. and 10 158ue an 8udrtorf¥ fgport that include¥ our oplnlon. Rea8onable a88urance 18 a high level of assurance bul Is not a guarantee that an audit conducted In accordance with ISAS {UKI will always detect a material mi$stat¢m¢nt whèn 11 gxlsts. Missl¥l&ments can afise from fraud or 8FTor and arg considar9d matèrial if. indtvidually of In Ihg aggrggalg, they could reasonabty be •xp6ct8d lo influ8nc8 Ihg economlc decl8lons of users taken on the basls of these Ilnandal Stslements. Thè 8xt6nt to whlth our procedurès ar6 eapabi8 tsf dèt8dlng irrègulariti&6. Includlng fraud,1s detallgd below. Our approach to Idenllfylng and asBesslng the rtBk8 of malerial mi881alemenl in respgcl of irrogul8rltles, Indudlng fraud and non40mpllancè wllh laws and rogulatlons, w88 a¥ follows.. the engagement partner ensured thal thg engagomenl team collgctlvely had the appropilale competence, capabllitle8 and 8kllls lo Id&nlfy or recognise no¢t)MplIsnet with appfj¢able laws and Tegulalions.. we Idenllfled the laws and regulallon8 applicab lo the company through dlBCJJB81on8 wllh dlrectOT8 and othei managemenl. and from our knowl8dg8 and 8XP8rience'. wè focusad on spe¢lfl¢ I$ and wulatlons whkh we ojnskjered may have a dlT•Ct mat•rial •hct on lh• fin8nd818tat8ment8 or th8 opèrdtions of thè company. we assassad th8 8xt8nt of cornpllanco wSth th& laws and regulations identrtled above through maklng 8nquirlBB ol management and inspecllng legal correspondenc& wher& appllc8bl8,' and idonlifigd Igws And T8gul81ion8 wgrg communlcoled wilhln the gu¢Jlt team regularty and the team remained alort lo Inslancg6 ol non-compllance throughout the audlt. 8¥8essèd the 8ugeeplibllty of the comp8ny's financ1 Statements to mateiial misslatemenl. Including obtaining an understsndlng of how fraud mlghl ¢xcur. by.. making enquiries of management a8 lo where they rLJnsidered thor9 was su3pIlb1llty to fraud, their knedge of actual, suspected and alteged fraud-,. consldertng tho Intemal controls In place lo mlligate rl8ks of fraud and non-compliance wlth 18W8 and regulalion8', and
VALE HOUSE OXFORD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHE TRUSTEES OF VALE HOUSE OXFORD To address Ihe risk of fraud through management bias and override of controls, we: porfomied anayyb'cal procedures to identify any unusual or unexpeded reL8lionshlps' lesled joumal entrie8 10 identify unusual transactions: assessed whether judgements and assumptions made in determining the accDuntiny e51imales were indicative of potential bias., and investigated the ration810 behln(I slgnificant or unusual transaclion$. In response to the risk of irregul8rthes and non-¢omplianee with laws and ragutalions, we desSgn8(I procedures which induded. but were not limrted lo- agreeing financial statement disclosures lo undertying supporting documenlatron.. reading the rninule8 of meetings ofthose charge(1 with governance. enquiring of rnanagefflerrt a8 lo actual and PDtenlial litigation and daims,. reviwng r818vant corr8spond8nce. The are inherent limitations in our audit prOdureS described above. The more removed that laws and gulalions are from financial transacbons, th8 less likèly il is th81 we would become aware of non-rmplianCe. Auditing slandaf(Is also limit thè audti proceduras required.to id8ntify non-compliance with laws and regulations to enq5Jiry of the director5 and other management and the insp.e¢Aion of regulatory and legal corrospondence, if any. hllalerial misstatements that arise due to fraud can be harder lo delect than those that arise from eiior 88 they may iyvolva dalibarate concealment OT collusion. A further descrfpllon of our responsibilit108 18 available on the Financial Reporbng Council's website at.. https'.11 bvbvw.frc.org.uklaudltor8re8ponslbllliles. Thls desctlpllon fonns part of our audRo¢s report. Use of our r•port This report Is made solely to the charity's iruslees, as a body. in accordance th part 4 of the ChaTlties (Accounts Ond Reports1 Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's trustees tEwxe matters we are required to slate to them in an auditorf8 report and for no other purpose. To the fullest extent pomiitted by law, we do not accept or assume respon&bility to anyone other than the charity and tha charlty's tnjstèès as a body, for our audit work, for this report, or for the opinions we have formed. Robgrt Klrtland IS*nior Statutory Auditor) for and on behalf of Crftchleys Audlt LLP 2911012024 Chartered A¢¢ounlants Statutory Audltor B8av&r House 2M8 Hythe Bridge Street Oxford OX1 2EP Critthleys Audit LLP is eligiblo for appointrnent as auditor of the Charity by virtue of its eligibilty for appointment as auditor of a company under 8e(aion 1212 of the CompaniesAct 2006.
VALE HOUSE OXFORD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestricted funds 2023 Reslricted fvnds 2023 Total 2024 2023 Nots Income from: Donations and legactes Charitsble actiwlies Investments 12,579 2,951,622 13,668 3,000 15,579 57.256 2,951,622 2,730.576 13,668 2.849 57.256 2,768.227 2.849 37,851 Totsl In¢ome 2,977,869 3.CK)0 2,980,889 2.790.681 37.651 2,828.332 Ex Fundrai$lng ¢osts of granls and donations 216 216 216 216 Operation of Care Homé 2,756.160 232,530 2,988,690 2.459.874 270.902 2,730.776 Total gxpgndlturn 2.756,376 232,530 2,988,906 2,460,090 270,902 2,730,992 Net gainslllosses) on investments 12 7.464 {30.203} (30,203} Net movement in funds 228,957 (229,5301 1573) 300.388 (233,2511 67,137 Fund balances at 1 Aprbl 2023 4,099,937 483,352 4.583,289 3.799.549 716.603 4.516.152 Fund balanc at 31 PAar¢h 2024 4,328,894 253.822 4,582,Y16 4,099,937 483,352 4,583,289 The statement of financA actNities indude8 all gains and losses recognised in the year. The statement of financAal activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tha statèm6nt ol financial 8Ctivities also complies with lh8 rèquiremants for an incom• and 6xpèndrturè account under the Comp8nigs Act 2006.
VALE HOUSE OXFORD BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Flxed a$$•ts Tangible asse18 Investments 14 15 3.397.331 350,031 3.S98,591 342,567 3.747,362 3,941,158 Current auets Dèbtors Cash 8t b8nk and In hand 16 64,223 1.035.389 95,937 737,739 1.099,612 833,676 CrndttoT•: amounts falllng du• TthIn on• year 17 (264,2581 (191,5451 N•t currnnt ass•ts 835.354 642,131 Total amets h•• currnDI Il•bllltE•• 4.582,718 4.S83,289 N•t •¥•et• oxcludlng nSIOn Il•blllty 4,582.716 4,583,289 The fund• of th• Charlty Reslrlcled income funds Unreslrietèd fund$ 19 253.822 4,328,694 483,352 4,099.937 4.582.716 4,583.289 The company is èntiued to thè Sxemption Irom th& audit requirement contained in s8clion 477 oflhe Companies Acl 2C4)6. for the year ended 31 March 2024, athough an audi( has been carrEd out under sectlon 144 of the Charitie8 Ad2011. The directors acknovAedge thelr regpon8ibditie8 fof ¢wptylng wrth tho requirements of Ihe Compenle5 Act 2006 th respecl to actsjunling records arKI the prep¥ratkJn of finanool statomgnt$. The rnembers have not requlred the company lo obtawi an audil of tts finanaal slatements under the rnquirements of the CompaniesALt 2CK6, for the year in questKM ) a¢¢ordan( ¥th wtion 478. These finanrial slalements hav8 been prepared in accordanc with thè prN8ions applicab to companles subhgct to the smaN companigs wima. The financoal 81al&menls were approved by Trust88s on .......... Dr L Quested (Chairl TNstee Company regtstration number 2220564 (EngLgNI and l•les)
VALE HOUSE OXFORD STATEMENT OF'CASH FLOWS FOR THE YEAR ENDED 31 hlARCH 2024 2024 2023 Cash fl¢iws frnm op9ratlng actlvltl Cash generated from operations 23 312.252 306,033 Investing activities P.urcha5e of tangible fixed asse15 Irbveslrnenl income received 128,2701 13,668 136,0411 Plet cash ed In Investlng acllvltles 114.602} (33,1931 N•t cash us•d in financing activiti08 Net Incr8• In cash and cash oqulvalgnts 297,650 272,840 Cash and cash equivalents at beglnning of year 737.739 464,899 C•$h and tash •qulvalènts at•nd of yr 1,035.389 737.739 10-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng polici•s Charlty Inf0Mtion Vale House Oxford is a prNate company limiied by guarante8 Inrx>rpated in England and wa$. The registered office is Vale House. Sandfotrl Road. Liluemore. Oxtord. Oxlordshire. OX4 4XL. 1.1 Aeeountlng convention The financAal statements have been prepared in agJ)rtsn( wilh the CharitS Memorandum and Articles of AsSabo, the Companies Ad 20C6 and -Aozounting and Reporting by Chaiilies." Statement of Rècomm•nded Practi apF4icabk to Charit preparing their aczzjunts in accxjrdanre with the Firtanty81 RèFx)rbng Standard applUb in the UK and Republic of IrelaTrJ {FRS 1021 {efferaive 1 January 2019).. The Charity is a publ Banefft Entity as defined by FRS 102. The financi statements are prepargj in stsrfing. whid) is the functional cuThew of the Charity. Monetary ounts in these finanual statements are rounded to the nearest £. The finandal statements have been prgpared the historica cost convention. modrfied to indLhJe the revaluation of Ireehokl pmpertiès and to indude investment pyerties and certain fmancAal instruments at faiT value. The prin¢Ap accounting policyes adopted a set out betow. 1.2 Golng ¢on¢em Al the time of approvin9 th8 financial statements. the Twstees have a reasonable expecation that the Charity has 8dequale reSoUS to witinue in ¢)perational èxistence for the foreseeable future. Thus the Trustees ontynue lo adopt the going ba&s of a(xxwnling in Keparing the fy)8n(y ststements. 1..3 Charitable funds Unrestricled funds are availal)le for us8 at thsuotion of thè Trustees in fiJrtheran of theiT charitable objectives. Restricted funds are subied to speafic conditions bii donors or gTrntoTr as to hTh¥ thoy may be Us. The purposes and uses of the restricted fijnds are set OLrt in the rbotes to Ihe finarrial slalemerrts. frA Incom• In¢ome is re¢ognised when the Charity is lega]ly entitted lo it after any perfoTmance conditions have been met. the amounts Can be measur&J reabty. and it is wobable that income V4ill be received. Cash donations are reo)gnised on Terp1. (Aher donations are recognised On the Charity hag beèn nobfied of the donation. unless performance conditions require defeTral of the arnounL Inme tax rèCOwrab In relation to donations receNed under GrftAid or deeds.of t>)venant is re¢ognised al the tim¢ of donatn. Legacies are rec(yJnised on ce(ipt or 07$0 rf the Chorty has begn notifiod of an impending.distribution. the amount is knvwn. an(i recetpt is expeLXed. If the olrt is not knvymn. gacY is lrnat8d as a e4Jntingenl asset 1.6 Exwndiiur• l expendiiure is accounted for on an acc¥ua15 basis and has b88n dassffied under headings that 31 aggregate all (x)sts rdat8d to the category. ExFendiiure ts recognised where there is a legal or constructive obligation to make payments to third pattrs. rt is pmbabty that the settlement will be requireil and the amount of the oNigabon can ba measurgj reliabty. 11 is categortsed under the folhmng heading5.' Costs of raising fvnds indudes those inuJNed in seeknng volunw ntrIbutior and do not indude the costs ofthsseminatmg inft>rtion in ofthe dwitable 8thilies; Exndlre on charitsble actiwties indudes the costs asAated with the oper81ion of the home.and Other expenditu repSents those ilems not falling 10 the categories above.
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng poll¢lg4 Icontlnued) Irrecoverable VAT is chargod as an expens8 agalnsl the athvmy for whlch the expendhure arose. Support costs are those that assist the work of the charity but do not directly represent charitable activitie8 and Indud8 oifi¢8 costs, govfjmanc8 $ts, administralv8 and payroll costs. They are incurred diredy In support of oxpènditure on the objects of the charty and indude project management Where support costs cannot bè dlrectly 8ttribule(I to Particular headings they have been allocal8d lo cost of ral&ng fvtKls and 8xpendllure on Charitable actlvllies on a basls consistént wlth use of the resource8. 1..6 Tanglble fix•d ••99ts Tangible fixed assets are initially mè#sur8d al c081 a'nd subsequently meawred at tsJ81 or valLratron. nel of dgpTaciatlon and any Impglrm8nt106808. Depreaalion is recogniwl so as lo write off Ihg cost or valuakn'on of assets less Ihgir residual v81ues over thwr U8eful Uv88 on the follo¥thng ba8e8'. Land Vole House SandfoTd on Thame8 Equipmanl 4% straighl line 20% straight lin6 The gain or loss 8ri8ing on the disposal of an a88el 18 delemlned a8 the dbfference beWn t 8ale predS Bnd thè carrying valu• of th8 a8S&t, and is recognisad in the stat8m•nl of financial acliwtl8S. 1.7 Flx•d •88•t Inve•tment• Fixed a88el inv#slmenl8 aro Inlll81ty measurod al Ir8ns8¢tlon prtc& 8xcludlng trgnsactlon c0818, and are 8ubséquenlly measured al fair value 81 e8eh reportihg dale. Ch8nge8 In fair value are r8cogni8ed In nel ¢om&ll•xpgndilurel for the year. Transaction costs are exp8nsed a8 Incued. Impalmient of flxed a••et• At each reporting end dale, the Charlty revl8ws the CaTrylng amounts 01115 tangIb ll88ets to delermlne whalhar th8r8 is any indicatlon that thos8 assets hav8 suff8rgd an impairment tOBS. If any such indication exists, the recoverable amount of the asset 58 esllmoted In order to determlne the extent of the trnpabmenl 1068 lif any). 1.9 C&8h and ea8h •qulvalonts C8sh and cash equlvalents inclyde caBh In hand, deposlts held at call wllh banks, other short-term Ilquid Inv8stmenls wlth ortginal malurits'86 of three months or leÈs, and bank overdraft8. Bank overdrafts are ¥hown within borrowing5 in current liabilities. 1.10 Flnanclal Instrum•nt• The Charity has elected lo apply the provi5ion5 of Sec*on 11 'Basic Financial InstNmen15' and Section 12 'Olh8r Financial Instruments18sues' of FRS 102 to all,of its financial instruments. Finand81 instruments aro rQgniSed in th9 Charitys balance Sheet when thg Charity b9come$ party to the conlradual provisions of the inslrumenl. Finandal assets and Ilabllf¢les are offset, wh the nel amounts presented in the ffinandal statements, when there is a legally enforceable right lo sel off the recognised amounts and there Is an Intenllon to sellle on net basis or to Tealise Ihe asset and the liabillty simultaneously. 12-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting polititrb IContlnu•dl Basic Ilnanclal a$$ets Ba8k finand81 assel8, whS¢h Include deblor8 and.. c8sh and bank b818n8, are InlU81ty m&8sured 8t transaclbon prlce Includlng transaction costs and are subsequentty carried at amortlsed cost using the effective interest method unless the arrangemenl constitutes a financlng transadon. where thè Ironsaclion Is méasured al the present value of the future receipts disvjunled al a market rale of inleresl. Finanrial a$8ets da8sffied as receivable wlthin one year are not amortised. 4sk fln•n¢lo1 Il•bHIU•¥ Basic flnancial Ilabilltie5. indudlng credltors and bank'loan8 ar8 Inlually recognlsed al Iransadlon prfce un1è88 the arrangemenl conslllules a flnancing Iransactlon,'.wh8re the debt Instrument is measured at the present value of the luture payments discounlad at 8 market ralo of inteT•St. Finanaal liabiliti88 d8ssifi8d Os payable wh1n one year ar& not amortisgd. Debt inslrumenl8 are Bubsequenlly carrfad al amortl8ed i>)sl, uslng the effectfve Intsrast rate mèthod. Trade u&dilors are obligats'on$ to pay for good$ or sgrvices that havg been acquired in the ordinary cour88 of OP8ralions from 8uppllefS. Amoun18 payable are classmed a8 current Ilablllues If payment is due wllhln one year or la88. If not, they are Pfesenled a8 nowurrenl118bllilles. Trade credllors are recognlsed In6I8lly at transaction price and subsequently meayured al amorthsed co8t Using the effective Interest method. Dere¢ognhlon of flnan¢lal Ilabllltl•s Flnandal Ilabllltles are derecognisgd whon the Charty'8 traCtual obligations expire or are dlscharge(l or canc8118d. 1.11 Employ•• b•n•flts Thè c08t of Any unu8ed hollday antlementI8 r8cogn18•d In tha parlod In whlch the employee'8 8erylc8s 8 recalved. Temilnatlon benefll8 are recogn18e(I Immediately a8 an expen8e when the Charlty18 demon8trabty commltted lo terminal8 the employment of an employee OT to provide 18rrllinalion b8n8fit8. 1.12 R•tlr•m•nt b•n•fit• Payments to defined conlribuilon rellremenl benellt sthemes are charged a8 an eXn98 a8 they fall due. 13-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Criti¢al a¢coun1ing estim•tss and judgements In the application of the Charity's accounting poliaes, the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets 2nd Irabilities that are not readily apparent from other sources. The estimates aThJ assoaated assumptions are based on histOTical exp9ri&n¢g and Othgr factors that are considered lo be relevant. Aclu81 re5uEts may dtffer froJn these e51imates. The estimatas and undarfying assumptions ara reviewed on an ongoing basis. Revlslons to accounting estimates are reo)gnised in the period in which the estimate is mised where the revision affects only that period. or in the period of the revision and future periods where the remsion affects both current and fLrtur& periods. Key 8our¢e8 of e8timatlon uncertainty Depre¢iation Depreciation wa$ ¢akulalgd basgd on the estimated useful economi¢ lfve$ of dlfferenl ¢alegorle$ of fix&d assets. total depreciation during the year ended 31 March 2024 was £229,530. Donations and legacieB Unrnstrlcted Ro8tri¢t•d lund$ funds Total Unrestrlctsd fund8 2024 2024 2024 2023 DonalioJi8 and grft8 Legacies receNable Grant income 12,579 12.579 6.533 50,723 3,000 3,000 12,579 3,000 15,579 57,256 Incom• from charitabh activiti Unre8trlcted Regtrlcted funds funds. 2024 2024 Totsl Unrejtricted Re8tritted funds funds 2023 2023 Total 2024 2023 Fees withln charttable activities Other income 2,951,285 337 2.951,285 337 2.730,576 37,651 2,788,227 2,951.622 2.951,622 2.730,576 37,651 2,768,227 14-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income fmm Invetstments Unrestricted Unrestri¢ted fund$ lund$ 2024 2023 Interest retsivable 13.668 2.849 Raising funds Unrestslcted unreStted nds funds 2024 2023 Invesbnenl M8nagemenl 216 216 216 216 Charitsble •ctivilie 2024 2023 Wages. salaries and traning Depreciation aThJ impaimient Property costs Food, medical and househ(Ad expenses 2,¢5.898 1.934,600 229,530 233,2S1 444,758 313.751 202,649 197,224 2.942.835 2.678.826 Share of supffj costs (see note 8) Share of y0vemar* Costs {sts note 8) 44.496 7,454 2.988.6 2.730,776 Analysis by fund Unrèstrtde(I hjnds Reslrthd lunds 2,756,160 2.459.874 232.530 270,9)2 2,988,690 2,730,776 15-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activiti•9 2024 2023 Office costs Bank ¢harges Professional charge5 Staff related costs Travel and communlc8llon costs Governance costs 2.144 551 29,458 2,050 4,152 7,500 2,456 638 35.819 1,278 4.305 7,454 45,855 51.950 Analysod bgtween: Charitable activities 45,855 51,950 Met movement In fund8 2024 2023 The net movement in funds is stated after chargingl{creditingl.' Fees payable for the audlt of the d)athy's flnandal 8tatements Depreciation of owned tangible fixed a&8els 7,500 229,530 7,454 233,251 10 Trustees None of the Trustees lor any persons ojnnecled with Ih¢m) rec4lv¢d any rgmuneralk>n, gxpensgs or bgn&fits from the Charity during thè year. Donations mad& by th& chaTty to th6 trustaes in th8 ytar totallèd £nrl12023.. £nill. 11 Employ¢•• The average monthly number of employees during the year was.. 2024 Number 2023 Number Average fvll-time equivalent number of staff Averag& monthly number of staff 37 78 73 Employment costs 2024 2023 Wages and salaries 1,836.522 1,727.577 16-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 11 Employ••8 (Conllnugdl Swal securrty costs Other pension costs 159,782 69,594 151,345 55.678 2,065.898 1,934,6thJ The number of emptoyges whose annu remun8ration was £60.0(KJ or more were= 2024 Humr 2023 Number £60,OC#)- É70.Crf)O 12 Gains and lo9 on InvestThnls UnrÈstrlct•d Unr•strict•d funds funds 2024 2023 Gainsl(Ios8e3} arising on: Revaluation of inveslments {30,203} 13 Taxadon The charity Is exeffpt from laxation on lis aiivitses because au rts ine is applEd for charitable purp05e& 14 Tanglbl• flx•d assets Valo House Equlwrn T4)ts1 Cost At 1 April 2(r23 Additions 5.361.553 444,418 S,605,971 28.270 28,270 At 31 Marth 2024 5.361.553 472.688 5,834,241 Dgpreciation and Impalmnt At 1 April 2023 Deprecsalion tharged in the year 1.855,4CQ 186,C 351.980 2,207,380 43,530 229.530 Al 31 Mar¢h 2024 2.041,400 395,510 2,436,910 Carrylng amounl At 31 Marth 2024 3.320,153 Tl,178 3,397,331 At 31 March 2023 3,51,153 92.438 3.598,591 17-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed auets (COnndI The Carrylng value of land at va House Sandford on Thames is.. 2024 2023 Freehold 723,084 723,064 16 Frxod ••8•t InVlMOnts Ll8t•d Inv••tm•nts Coot or valuotlon At 1 AprS12023 Valu81ion changes 342,567 7,464 Al 31 March 2024 350,031 Carrylng amount Al 31 March 2024 350.031 At 31 March 2023 342,567 2024 2023 Investmènts at f8ir valua comprlse: Equilies Bonds Property Hedge Funds Cash CommodiJes 130,662 177,180 11,528 19,757 6,783 4,121 119,952 176,383 29.557 8.375 6,703 1,597 350,031 342,567 18-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Debtorn 2024 2023 Amounts falllng due wlthln ono y••r: Trade debtors Prepayments and acuued income 31,606 32,417 71,490 24,447 84.223 95.937 17 crlt0.. amounts falllng du• wlthln on• year 2024 2023 (Aher laxalion and sodal 8ecurrty Trada Cfedltors Other cr8dStors Aru318 and deferTeil Income 38,887 182,220 110 43,261 34,297 123,842 110 33.296 264,258 191,545 18 R•tlr•m•nt bon•flt •chomo• 2024 2023 Dned contrlbutlon •ch•m•• Charge lo profil or1088 in respect of dgfined conlrlbulbn $¢h&m•s 59,366 53,1C6 The Ch8rlty op•r8t•8 a defined contrfbullon pen8ion 8chèm& lor all qualrfySng employee8. The a88ets of the 8cherne are held separately from those of the Charrty In an IndendantlY admlnl$tgT¢d lund. 19 Rè*trl¢t•d fvnd• The re5tr1cted funds of th8 charlty comprise the une)(pended bo18nce8 of donatlon8 And grant8 held on Iru$l subject lo specAfic condition5 by donors as lo how they may be used. At l Aprll 2023 Incomlng rn8ourc•• Ro8ourcu At 31 Morch 0Xnd•d 2024 BuAding Funds Rgcruitmenl Grants 483,352 (229,530) 13,000) 253.822 3.OCQ 483.352 3.0 {232,5301 253,822 19-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Rtrted funds Iconlinuodl Previous year. At 1 April Incoming 2022 resources Resources At 31 March expended 2023 Building Funds Govemmant Grant 716,603 (233,2511 (37.651) 483,352 37.651 716,603 37.651 [270,2) 483.352 Building Funds - Funds Tsed for the Vate Hse building. Amounts to be used on burfding costs such as depreaalion of existing assets. Recruitment Grants - Funding frn Oxfordshire County Counul and Oxfordshire Assoaation of Care Providers for staff reCrtment All expended during the year. Unrestrlcted funds The unrestricted funds of the charity comprise the unexpendad baLan(*s of donations and grants whith are not subject to spoafic conditions by donors and gTantors as to how they may be used. These indude designated fund5 which have been set aside of unrestsicted funds by the trusiees for speafic purposgs. Al 1 Aprfl 2023 kn¢oming Resour9 ourres expended Galn¥ and At 31 March 1055es 2024 General funds 4.099.937 2.977.869 12.756.376) 4,328,894 Prevlous year. Al 1 Aprll 2022 Incoming R#$our¢os expended G•ln$ and At 31 Plarch 2023 General funds 3.799.549 2.790.681 (2.460.090) (30.203) 4.099,937 21 Analysis of net assets between funds Unr¢stricted Restricted fund$ funds 2024 2024 Total 2024 At 31 M#r¢h 2024: Tangible assets Investmenis Current assetslOlat41itwl 3.143,509 350.031 253,822 3,397.331 350.031 835,354 4.328.894 253,822 4,582,716 -20-
VALE HOUSE OXFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Anatysls of net assets between funds (Contlnued) Unrestrictsd Rwtricted fi4nd$ fund5 2023 2023 Total 2023 At 31 March 2023: Tangible ass8ts Investments Current assets1oiabilils} 3.115.239 342.567 642,131 483.352 3,598,591 342.567 642,131 4,¢J99,937 483,352 4,583,289 Relaled party transactlons Transa¢ti¢ns with related partSes During the yeaf the Charity had no transadb)ns with Telated partie 23 Ca$h genernted from op•ration 2024 2023 (Deficitllsurpus for the year {5731 67,137 Adjustments for Invèstment in(x)me r8ci¥Jnised in stslement of financial actiwlie5 Fair value gains and )S on investsnents Depreciation and impairmenl of tangible fixed assets (13,6881 (7.4641 229.530 12.8491 30.203 233,251 Movements in worknng capiial: Decrease in debtors aselldecrease) in credrtors 31,714 72,713 11.436 (33,1451 Cash g•ngratsd frnrn operations 312,252 3C6,033 24 Analys1$ of changès in netfvnd• The Charrty had no material debt during the year. 21