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2025-03-31-accounts

Charity registration number 299766 (England and Wales)

Company registration number 2220564

VALE HOUSE OXFORD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

VALE HOUSE OXFORD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr Louise Quested (Chair)
John Barneby
Jill Bradley
Robert Foster
Ben Goodger
Neil Macintosh
Rupert McShane
Justin Moore
Catherine Oppenheimer
Mary Clarke
Andrew Lewin (Appointed 12 May 2025)
John Merrell (Appointed 22 April 2025)
Secretary Diane Gardner
Charity number 299766
Company number 2220564
Registered office Vale House
Sandford Road
Littlemore
Oxford
Oxfordshire
OX4 4XL
Auditor Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD

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 - 21

VALE HOUSE OXFORD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their report and financial statements for the year ended 31 March 2025.

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 senior management team comprising of Head of Home, Lysbeth Weeks, Clinical Manager, Jo Gambrell and Finance Manager, John Richardson have all worked extremely hard to maintain our high standards, supported by the whole staff group at Vale House.

The team and our exceptional staff continue to work to ensure that our residents receive excellent care, are kept safe and that a range of activities including art and music therapy are made available and accessible to them. The Home is currently fully staffed, with good staff retention, and recruitment is focused on staff from within the United Kingdom. Vale House continues to offer flexible working arrangements and we have introduced a Freedom to Speak Up Guardian to provide additional support to staff.

Support for families is a defining characteristic of Vale House and we have a family support team who are committed to supporting the family and friends of each new resident. The team will stay in touch with the relatives for twelve months after the resident dies, supporting them through their bereavement.

Vale House was inspected in July 2021 by the Care Quality Commission (CQC) and has received a rating of “Good”.

Vale House is takes 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. We take nursing students on placement from Oxford Brookes University, and we have a good reputation within the University as providing an excellent learning environment. This year we provided a placement to an Occupational Therapy (OT) student, which was well received This was the first time that Brookes University have placed an OT student in a nursing home as part of their training.

VALE HOUSE OXFORD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

Following a review of the investment strategy, the Trustees decided to move the portfolio from Handelsbanken Wealth Managers to CCLA and invest the investment funds valued at £346,957 on 31[st] March 2025 in the CCLA COIF Charities Ethical Investment Fund.

The Trustees have 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 12 members (2024: 10 members).

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:

Dr Louise Quested (Chair) John Barneby Jill Bradley Robert Foster Ben Goodger Neil Macintosh Rupert McShane Justin Moore Catherine Oppenheimer Mary Clarke Andrew Lewin (Appointed 12 May 2025) John Merrell (Appointed 22 April 2025)

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. A Trustees' strategy meeting was held in November 2024 and the strategy for the Home approved until 2027.

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.

VALE HOUSE OXFORD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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:

Trade creditors of the company at the year end were equivalent to 17 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 Gravita Audit Oxford LLP be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

.............................. Dr Louise Quested (Chair)

Trustee

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

VALE HOUSE OXFORD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

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:

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:

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.

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 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 requires us to report to you if, in our opinion:

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:

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

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:

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the 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 Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: .........................

Gravita Audit Oxford 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.

VALE HOUSE OXFORD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
11,667
-
Charitable activities
4
3,071,520
-
Investments
5
41,664
-
Total income
3,124,851
-
Expenditure on:
Fundraising costs of
grants and donations
6
516
-
Operation of Care Home
7
2,917,976
240,467
Total expenditure
2,918,492
240,467
Net gains/(losses) on
investments
12
(2,774)
-
Net movement in funds
203,585
(240,467)
Fund balances at 1 April
2024
4,328,894
253,822
Fund balances at 31
March 2025
4,532,479
13,355		 Total
Unrestricted
funds
2025
2024
£
£
11,667
12,579
3,071,520
2,951,622
41,664
13,668
3,124,851
2,977,869
516
216
3,158,443
2,756,160
3,158,959
2,756,376
(2,774)
7,464
(36,882)
228,957
4,582,716
4,099,937
4,545,834
4,328,894		 Restricted
funds
2024
£
3,000
-
-
3,000
-
232,530
232,530
-
(229,530)
483,352
253,822		 Total
2024
£
15,579
2,951,622
13,668
2,980,869
216
2,988,690
2,988,906
7,464
(573)
4,583,289
4,582,716

The statement of financial activities includes all gains and losses recognised in the year.

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.

VALE HOUSE OXFORD

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the Charity
Restricted income funds
19
Unrestricted funds
20		 2025
£
£
3,217,957
346,957
3,564,914
55,901
1,144,164
1,200,065
(219,145)
980,920
4,545,834
13,355
4,532,479
4,545,834		 2024
£
£
3,397,331
350,031
3,747,362
64,223
1,035,389
1,099,612
(264,258)
835,354
4,582,716
253,822
4,328,894
4,582,716		 2024
£
£
3,397,331
350,031
3,747,362
64,223
1,035,389
1,099,612
(264,258)
835,354
4,582,716
253,822
4,328,894
4,582,716
3,747,362
835,354
4,582,716
253,822
4,328,894
4,582,716

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

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

Dr Louise Quested (Chair)

Trustee

Company registration number 2220564 (England and Wales)

VALE HOUSE OXFORD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
23
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of investments
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
127,904
(61,093)
300
41,664
(19,129)
-
108,775
1,035,389
1,144,164		 2024
£
£
312,252
(28,270)
-
13,668
(14,602)
-
297,650
737,739
1,035,389

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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, 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 or grantors 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.

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 2025 was £240,467.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
11,667
-
Grant income
-
-
11,667
-		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
11,667
12,579
-
-
-
3,000
11,667
12,579
3,000		 Total
2024
£
12,579
3,000
15,579

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fees within charitable activities 3,065,023 2,951,285
Other income 6,497 337
3,071,520 2,951,622

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 41,664 13,668
6 Raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment Management 516 216
516 216
7 Charitable activities
2025 2024
£ £
Wages and salaries 2,292,782 2,151,289
Depreciation and impairment 240,467 229,530
Property costs 342,342 336,284
Food, medical and household expenses 191,145 202,649
Bad debt expense 22,295 -
3,089,031 2,919,752
Share of support costs (see note 8) 61,512 61,438
Share of governance costs (see note 8) 7,900 7,500
3,158,443 2,988,690
Analysis by fund
Unrestricted funds 2,917,976 2,756,160
Restricted funds 240,467 232,530
3,158,443 2,988,690

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

Office costs
Bank charges
Professional charges
Staff related costs
Travel and communication costs
Recruitment costs
Governance costs
Analysed between:
Charitable activities
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 2025
£
2,804
461
28,604
7,181
8,049
14,413
7,900
69,412
69,412
2025
£
7,900
240,467		 2024
£
2,747
551
29,458
14,212
7,024
7,446
7,500
68,938
68,938
2024
£
7,500
229,530

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 (2024: £nil).

11 Employees

The average monthly number of employees during the year was:

Average full-time equivalent number of staff
Average monthly number of staff
Employment costs
Wages and salaries
Social security costs
Other pension costs
Agency salaries		 2025
Number
41
67
2025
£
1,940,074
186,673
83,927
82,108
2,292,782		 2024
Number
43
73
2024
£
1,826,585
165,475
62,424
96,805
2,151,289

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Employees

(Continued)

The number of employees whose annual remuneration was £60,000 or more were:

were:
2025 2024
Number Number
£60,000 - £70,000 1 1
Gains and losses on investments
Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (2,774) 7,464

12 Gains and losses on investments

13 Taxation

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

14 Tangible fixed assets

Tangible fixed assets
Vale House
Sandford on
Thames
£
Cost
At 1 April 2024
5,361,553
Additions
-
At 31 March 2025
5,361,553
Depreciation and impairment
At 1 April 2024
2,041,400
Depreciation charged in the year
186,000
At 31 March 2025
2,227,400
Carrying amount
At 31 March 2025
3,134,153
At 31 March 2024
3,320,153		 Equipment
£
472,689
61,093
533,782
395,511
54,467
449,978
83,804
77,178		 Total
£
5,834,242
61,093
5,895,335
2,436,911
240,467
2,677,378
3,217,957
3,397,331

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14
Tangible fixed assets
The carrying value of land at Vale House Sandford on Thames is:
Freehold
15
Fixed asset investments
Cost or valuation
At 1 April 2024
Valuation changes
Disposals
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
Investments at fair value comprise:
Equities
Bonds
Property
Hedge Funds
Cash
Commodities
16
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 (Continued)
2025
2024
£
£
723,064
723,064
Listed
investments
£
350,031
(2,774)
(300)
346,957
346,957
350,031
2025
2024
£
£
137,026
130,662
169,028
177,180
8,489
11,528
11,969
19,757
2,167
6,783
18,278
4,121
346,957
350,031
2025
2024
£
£
22,360
31,806
33,541
32,417
55,901
64,223

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
18
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
37,788
150,037
110
31,210
219,145
2025
£
83,927		 2024
£
38,667
182,220
110
43,261
264,258
2024
£
62,424

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

19 Restricted funds

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

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
Building Funds 253,822 - (240,467) 13,355
Previous year: At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
Building Funds 483,352 - (229,530) 253,822
Recruitment Grants - 3,000 (3,000) -
483,352 3,000 (232,530) 253,822

Building Funds - Funds raised for the Vale House building. Amounts to be used on building costs such as depreciation of existing assets.

Recruitment Grants - Funding from Oxfordshire County Council and Oxfordshire Association of Care Providers for staff recruitment. All expended during the year.

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Unrestricted funds

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

General funds
Previous year:
General funds		 At 1 April
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2025
£
£
£
£
£
4,328,894
3,124,851
(2,918,492)
(2,774)
4,532,479
At 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
4,099,937
2,977,869
(2,756,376)
7,464
4,328,894

21 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
3,204,602
13,355
Investments
346,957
-
Current assets/(liabilities)
980,920
-
4,532,479
13,355
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 March 2024:
Tangible assets
3,143,509
253,822
Investments
350,031
-
Current assets/(liabilities)
835,354
-
4,328,894
253,822		 Total
2025
£
3,217,957
346,957
980,920
4,545,834
Total
2024
£
3,397,331
350,031
835,354
4,582,716

22 Related party transactions

Transactions with related parties

During the year the Charity had no transactions with related parties.

VALE HOUSE OXFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

23
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Cash generated from operations
24
Analysis of changes in net funds		 2025
£
(36,882)
(41,664)
2,774
240,467
8,322
(45,113)
127,904		 2024
£
(573)
(13,668)
(7,464)
229,530
31,714
72,713
312,252

The Charity had no material debt during the year.