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2023-03-31-accounts

Company number: 02435177 Charity number: 900215

The Oakhaven Trust

A company limited by guarantee trading as Oakhaven Hospice Report and financial statements For the year ended 31 March 2023

The Oakhaven Trust

Contents

For the year ended 31 March 2023

Reference and administrative information ........................................................................................ 1 Statement from the Chairman and Chief Executive ........................................................................... 3 Trustees’ annual report (including the strategic report) .................................................................... 5 Independent auditor’s report ......................................................................................................... 24 Consolidated statement of financial activities (incorporating an income and expenditure account).28 Consolidated and charity balance sheets ....................................................................................... 29 Consolidated statement of cash flows ........................................................................................... 30 Notes to the financial statements .................................................................................................. 31

The Oakhaven Trust

Reference and administrative information

For the year ended 31 March 2023

Company number 02435177 Charity number 900215 Registered office Pennington Chase, and operational Lower Pennington Lane address LYMINGTON, Hampshire SO41 8ZZ Country of registration England & Wales Country of incorporation United Kingdom Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Prof P Dodson (Chair) Resigned 26 April 2023 M Kendal (Chair) Appointed Chair 26 April 2023 A Bunston D Ware (Secretary) P Dunford J Caldwell D Wansey S Shearman R S Morgan R Anderson J Payne A Prout Key management A Ryde (Chief Executive) personnel L Smith (Director of Nursing) Resigned 21 July 2022 A Taylor (Director of Finance) D Wilkins (Director of People Services) F Morgan (Medical Director) T Cooper (Director of Quality) Appointed 1 June 2022 D Major (Director of Patient Services) Appointed 8 August 2022 E Longyear (Managing Director, Oakhaven Care)

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The Oakhaven Trust

Reference and administrative information

For the year ended 31 March 2023

Bankers HSBC Santander CAF Financial Services Ltd
59 Old Christchurch Road Bridle Road 25 Kings Hill Avenue
Bournemouth Merseyside Kings Hill
Dorset Bootle West Malling
BH1 1EH Merseyside Kent
L30 4GB ME19 4TA
Solicitors Paris Smith LLP
Number 1 London Road
Southampton
SO15 2AE
Auditor Hopper Williams & Bell Limited
Chartered Accountants
Highland House
Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR
Investment Advisors CCLA Fund Managers Limited
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Ruffer LLP
80 Victoria Street
London
SW1E 5JL

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The Oakhaven Trust

Statement from Chairman and Chief Executive

For the year ended 31 March 2023

Statement from Chairman and Chief Executive

Welcome to our audited accounts for the year ending March 2023 and thank you for your interest.

Oakhaven Hospice now looks to the future, having survived the pandemic with its many challenges and learnings. We continue to look to develop our services offered to the community but can only do this in a financially sustainable manner.

The demand for our services continues to grow and we work hard to try to ensure we are best placed to support our community as they face end of life. The main element of our expanded work during the year has been the introduction of our new single point of access service. We were fortunate to secure some specific funding from the government to implement this service.

Our single point of access service gives a single contact number for anyone to call if they require support around anything to do with end of life. Working with our partners in end of life this single contact point gives support to anyone in our community and enables us to try to ensure that they are given the guidance and support they need. This may be directly through one of Oakhaven’s services or by helping them find the right type of support through one of our partners in end-oflife care.

This service has proved very popular in its first full year as is evident through the number and type of calls being received. We hope to be able to continue to develop this service as funding allows by introducing a rapid response night service, seven days a week. To ensure patients receive the care they need at all times of day without having to resort to emergency admission into hospital when it isn’t necessary.

We continue to work hard to build our income streams to ensure sufficient funding for the hospice. Legacies remain a crucial part of our overall income and are very difficult to predict so with this in mind we hold a level of reserves specifically to protect against fluctuations in legacy income.

Traditional fundraised income, particularly areas such as events, is reestablishing itself following the pandemic. In doing this the support from the community has been incredible particularly in areas such as direct mail campaigns.

Fundraised income showed a good improvement on the previous year which was all the more welcome as it helped offset drops in income elsewhere. Our increased fundraising income was largely due to significant increase in legacy income of £800,000 when compared to the previous year. This was supported by a general improvement to all fundraised income through general donations again showing a further increase of £432,000 against the previous year.

We remain incredibly indebted to the generosity of our community in order to continue to meet the end of life needs locally. Without this support we just wouldn’t be able to provide the services

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The Oakhaven Trust

Statement from Chairman and Chief Executive

For the year ended 31 March 2023

we do. Legacy income remains an essential part of our overall fundraised income and we hope our community will continue to support us through legacy bequests

Our social enterprise income streams continue to provide essential income to support the work of the hospice in areas such as Oakhaven Care, our domiciliary community care services.

We continue to invest in our retail group through the opening of new shops and refurbishment of existing. The results of the refurbishment programme run during the year through increased sales area and increased sales can clearly be seen in an increased financial return for the group. Our warehouse site at Ampress Park along with development of e-commerce have been a great success and we are hopeful to continue to expand our retail operation.

A. Ryde

Andrew Ryde Chief Executive

Melville Kendal Chairman of the Board of Trustees

Date: 2[nd] November 2023

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Executive Summary

The trustees present the group and charity trustees’ report and the audited financial statements for the year ended 31 March 2023, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. This trustees’ report encompasses the requirements of the strategic report.

References in this report to the Charity should be treated as reference to The Oakhaven Trust and its subsidiary undertakings.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

During this year Oakhaven Hospice continues to respond to the General Data Protection Regulation which came into force in May 2018. We trust that we have previously met the ethos of these requirements and fully support their implementation. We hope that the majority of our supporters will opt-in to receiving our communications so that we will continue to receive their valuable support.

Strategic Aims

Our Mission

Making every moment matter

Our mission is to meet the end-of-life care needs of our local community. We will do this through the provision of specialist services from the hospice combined with support, education, research, partnership working and collaboration with others who share an interest in end-of-life care.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Together with the vital support of our staff, volunteers, donors and supporters, we will continue to develop and grow our services so that our patients get expert, dignified, compassionate and supportive care when and where they need it.

“The Oakhaven staff couldn't be any more supportive for us as a family and, of course, to Mum. She has regular visits from a health care professional at home, plus spends a day at the day hospice each week – we have access to all the advice and support that we need too. We know the next few months will be hard but we feel that we will be supported on the journey, whatever happens.”

Our vision

Oakhaven Hospice Trust’s vision is to be an organisation offering innovative and highly respected specialist palliative care in partnership with others across the New Forest, setting standards to which others aspire.

Our values

As an organisation we strive to ensure our service is one that: works Together with others; delivers Excellence and is based on best practices and principles; is Actively engaged on all levels be it with patients, families, the local community, staff and services both internal and external; is Meaningful for those who experience it. We strive to work within and as part of a TEAM .

We do what we do at Oakhaven Hospice because as individual people we hold the personal values of Compassion , Accountability , Respect and Empathy in high regard. In other words, we CARE about what we do and the people we work with.

Our three strategic goals

Building capacity – to work with others to try to ensure hospice care is available for all who need it in all settings.

Communication – to communicate as clearly as possible to all those who wish to listen in whatever setting by whatever means and to sensitively promote our work to those less aware and less willing to listen.

“Fit for the Future” – to make sure the hospice is best placed to deliver on its commitments to the community.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

About our Hospice

From small beginnings, the hospice has now blossomed into a well-respected and loved part of our community providing support and care for all those with a life-limiting illness.

Oakhaven Hospice has been looking after people in the New Forest for over thirty years, from our Lymington base we serve a population of over 150,000 across the New Forest and surrounding area. Our catchment area stretches from the Waterside covering Hythe, Dibden, Holbury and Fawley right across the south forest including Lymington and Brockenhurst to New Milton and Barton-On-Sea and north in to parts of Lyndhurst, Ashurst and all of Totton.

Our commitment is to contribute to improving the quality of life of patients with life limiting illnesses while extending care and support to their families and loved ones.

Our care is tailored to suit the needs of each individual and, with a blend of expertise and compassion, the team offers support for people when they need it most.

Our support is provided in three ways as part of our hospice services, as part of our wellbeing support or through our home care services. Our Hospice Services are there to care for patients and support families this can be at home, in our hospice, in hospital or within a care home.

Patients with a life limiting condition are referred to our hospice services by their GP, hospital doctor or a nurse.

Oakhaven continues to grow, thanks to the generosity of our community, who support us in so many ways, from taking part in events to playing the lottery, from visiting our shops to putting on their own events, from leaving us a legacy to giving a regular amount each month, the list is endless.

In The Hospice

Patients are admitted to our bedded hospice as part of their care, this may be to manage their symptoms, such as pain or breathlessness so that they feel well enough to return home or it may be to receive emotional support or end of life care.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Our in-patient unit is a safe haven staffed by our highly skilled doctors and nurses who care for and support patients and their family during their time with us. Everyone who comes to the Hospice is unique and we tailor the care we give to meet specific needs, this includes their physical, psychological and spiritual wellbeing. Our individual patient rooms have ensuite facilities and open onto a patio area overlooking the grounds that patients and visitors can enjoy.

Our day hospice, which opens its doors 4 days a week, provides great benefit to patients. The friendly team offer support and advice in pain management, symptom control and give practical advice in dealing with illness. It’s also a chance to spend time with others, share laughter, enjoy a nutritious lunch, benefit from physiotherapy or complimentary therapies as well as learn or rediscover new skills such as painting, drawing or pottery.

Caring for patients at home

Some patients may wish to remain at home throughout their illness and we have a team of specialist community nurses who support patients and their family at home. They will work closely with doctors and district nurses to ensure patients get the best possible care.

Counselling support, complementary therapy or physiotherapy services are available both in the Hospice and in the patient’s own home.

Wellbeing

Being diagnosed with a life-limiting condition, or being frail and elderly can be difficult and lead to feelings of isolation. Oakhaven offers support to help patients to come to terms with their diagnosis and provides practical advice in living with their condition.

We offer a programme of activities and support groups, mainly held in the Coates Centre, that are aimed at helping patients to live the best life possible, supported by our team of volunteers and staff.

Counselling and Bereavement support

Coming to terms with the reality of a life limiting diagnosis can be devastating; patients may feel lots of different emotions, from anger, sadness, disbelief or even guilt. These feelings are completely natural but they can affect people in different ways. It can be good to talk through these feelings either individually or in a group setting with someone who is independent, Oakhaven’s counsellors are trained to listen to and support patients, during their illness and help them come to terms with their diagnosis.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Spiritual support

Our chaplaincy team is here to offer spiritual and religious care and this is available for those of any faith or none. Sometimes questions and doubts can arise and our Chaplain Paul Hatchard and his team of volunteers are here to listen, to offer support or just be alongside.

Prayer and holy communion can be offered and we have a dedicated chapel which is a beautiful and serene place and can be used by anyone of any faith or none.

Social support groups at Oakhaven Wellbeing Centre

“This allows me to mentally forget about physical difficulties.” “I’ve found reassurance and a feeling that I am not alone.”

Oakhaven Wellbeing offers a range of peer support groups which are safe and supportive environments for patients together with others, to share experiences, and feel that they are not on their own.

Oakhaven neighbours

Hospice Neighbours is a free volunteer-led service available to Oakhaven Hospice patients and their families. Hospice Neighbours can offer companionship and lend a helping hand with everyday tasks that can become overwhelming when living with a life-limiting illness. The service has grown over the years, we now have over 140 active volunteers.

Working with schools

The Acorn Project is a healthy approach to long-term illness and palliative care. It brings children and patients together in a safe, supported and happy environment to raise awareness and understanding of long-term illness, end-of-life care and issues around death and dying.

All of these topics are an important part of the national curriculum. These are challenging subjects that many schools and colleges find difficult to teach. With this in mind, Oakhaven Hospice has been exploring ways to address important topics surrounding long-term illness with local children and young adults. It has proved to be extremely enjoyable and effective for everyone involved.

Inspired by a similar model at St Christopher’s Hospice in London, our Acorn project began in 2010. Its aim has been to create links between the Hospice and local schools in-keeping with the National End of Life Care Strategy, which promotes a good understanding of palliative care by encouraging thought and discussion around the subject of death and dying.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

It also looks at the ways in which society views death and dying and how that can contribute to the experiences of people receiving end-of-life care, as well as to the experiences of their carers.

The Acorn project offers an opportunity for visitors to learn more about the Hospice through the eyes of children. It also works extremely well in giving patients and carers space to talk about their very personal experiences. Many of the children involved may have been touched by a family member who has a life-threatening illness or who has died and the Acorn approach has helped immensely in breaking down the barriers around death and dying.

During the year we restarted the Acorn project which was closed due to the Covid restrictions, we had 104 children from 10 different schools & colleges take part in sessions during the year.

Education and learning

Oakhaven’s approach to education is that knowledge is best shared. We welcome support from other specialties and clinical colleagues to further our knowledge and improve patient care.

We also provide a thorough education programme to support clinical colleagues in providing good quality end-of-life care.

Oakhaven provides courses covering a variety of subjects within palliative and end-of-life care. These courses are available for all healthcare professionals in our community.

We endeavour to make our sessions friendly and informative, with the content being varied and providing a relaxed approach.

We believe education in end-of-life care is crucial to providing quality patient care. We work closely with all healthcare professionals to improve the quality of palliative and end-of-life care for our community.

On the “shared knowledge is best” ethos there are no charges for any of the courses other than Advanced Communication Skills Training where there are licencing and other external costs that we incur. We want to make education available to as many people as possible and therefore view it as part of our charitable purpose.

We do not believe cost should be a barrier to accessing education and improving patient care.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Oakhaven Care

Oakhaven Care offers paid-for personalised support and care to enable clients to stay at home. Our team of highly skilled carers provide quality care in the client’s own home. Our services start from 30-minute visits and can increase to multiple daily visits, companionship, sleeping nights, waking nights and live-in care as and when required. All profits from this social enterprise company are gifted to the Charity to support the work of the Hospice. This year Oakhaven Care brought in profits for the Charity of £70k (2022: £408k).

Oakhaven Care continue to provide live-in care for patients who preferred to stay at home rather than be admitted to residential care. The team provided much-needed, rapid response care allowing patients to continue to live safely at home supported by our Clinical Nurse Specialist Team.

Fundraising and Communication

Oakhaven does not receive full funding from the NHS; apart from its core grant (which equates to 11% of total income raised during the year) it must fundraise in order to make ends meet. Like most hospices, we are reliant on fundraising and our retail shops to help balance the books.

We believe at Oakhaven that fundraising should be done in an ethical manner. We never share, sell, swap or rent data to third parties for marketing purposes. We will only send communication to those who want it in the method to which they have agreed.

We are committed to protecting your privacy and will only use personal data that we collect in line with all applicable laws, including the General Data Protection Regulation (GDPR).

We ensure we adhere to all charity sector guidelines and regulations including the Fundraising Code of Practice and take appropriate action if we find any failure to meet these standards. We are registered with the Fundraising Regulator and the Gambling Commission.

We have successfully operated the Oakhaven Lottery for over 20 years through a third party, Starvale Management and Technologies. Starvale manage lotteries for over 40 charities, two of which are the largest single charity-run society weekly lotteries in the Country.

The Oakhaven Lottery brought in profits for the Charity of £181k (2022: £205k) during the year and over the past 20 years has helped to support the development of services, expansion of facilities and purchase of much needed medical equipment.

The income raised from retail is vital to supporting our services, we are grateful to everyone who generously donates bags of high-quality preloved items for our retail shops and online stores.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Sadly, we closed our Craft shop in May 2023, a massive thank you to the landlord for her generosity in allowing Oakhaven to use the premises rent free for the last four years.

We opened a new traditional shop on Lymington High Street May 2023 and we plan to relocate our Marsh Parade, Hythe Shop a few doors down to larger premises, we look forward to offering a better shopping experience with even more high-quality preloved items.

Volunteers

We are fortunate to have over 450 wonderful volunteers from all walks of life providing many diverse skills across all departments as well as part of the Board of Trustees.

Volunteers are an integral part of Oakhaven, their professionalism and commitment to the hospice is second to none, they share their energy, wisdom, and expertise with us all. They’re truly aweinspiring and humbling.

Thank you for your generosity and the significant contribution you bring to the Hospice every day.

Recent developments and plans for the future

Single Point of Access

This innovative new service provides one single point of contact and access into Oakhaven services. SPA consists of a trained call-handler who answers calls and a Community Registered Nurse (CRN) who supports the call-handler, triages and returns calls. The service is currently offered between 08.30 and 16.30, 7-days a week and is for all patients, families, and health and social care professionals within the New Forest, Totton, and Waterside areas.

Since June 2022, the SPA service has handled almost 14,000 telephone calls, approximately 5,000 involving patients directly, the rest involving GPs and their surgeries, Care Homes, District Nurses, Community Therapy Teams, Hospital staff and patient and family members who were not previously known to Oakhaven Hospice. The team have even taken calls from individuals out of area asking about how hospice services work.

SPA is here to help and support those who are impacted by life-limiting illness at all different stages of their palliative and end-of-life journey.

As well as helping individuals and families over the phone, the nurses work closely with local GPs and community services to help individuals get timely support and help at end-of-life. This includes co-ordinating with District Nurses and Community Therapy Teams and arranging home visits when appropriate. For example, in the space of 3 hours a cross-agency plan was formulated working with the ambulance service and other community services to help a patient who was stuck on a sofa.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

For those not at the end of their life, SPA sign-posts individuals to the Oakhaven Wellbeing Centre for a variety of services including bereavement support, social support groups, and complementary therapy. They also sign-post to care navigators at local GP surgeries for support with personal care or local support services.

SPA is still a work in progress and like any 1-year-old there is room for growth. An evaluation of the service thus far is underway and for 2023-2024 the aim will be to consider the existing resources and how we might widen the scope of access. It is important to understand the benefits of the existing model, what we can learn from other providers and what works well for our community.

Comments from users:

‘a friendly voice on the phone’ – patient

‘a synopsis of the call at the end was very helpful and reassuring’ – family member ‘very professional’ – Oakhaven team member

‘the quality of information shared between professionals has significantly improved’ – UHS HPCT

Day Hospice

Thanks to the vaccination programme and good practice surrounding Covid-19, we were very pleased to re-opened our doors and welcomed back the wider community to Oakhaven.

Once again, we have the joy of hearing children’s voices in The Hospice as the Acorn project schools visit patients.

We have resumed the Day Hospice with a full programme of activities.

Wellbeing Centre

Oakhaven Wellbeing offers a range of peer support groups which are safe and supportive environments to get together with others and share experiences, these include, Dementia Support, Easy Breather Respiratory support, Living Well and Stroke Café.

Our wellbeing team offer a range of courses and activities to help support people suffering with illness, carers and the recently bereaved. Many varied activities are available from mindfulness courses, IT Café as well as Art, exercise and meditation.

Counselling sessions, Bereavement support and complementary therapies can also be accessed through the Oakhaven Wellbeing Centre.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Although we have our lovely Wellbeing Centre (the Coates Centre), we understand that not everyone can travel to Lymington. During the year we started a new initiative of hosting Wellbeing sessions at various venues across our area, Quench Café (New Milton), Milford Community Centre, St Johns Church (Hythe), Totton & Eling Community Centre and Lymington Community Centre.

We hope to build upon the success of these sessions to build better relationships with our communities across the New Forest and foster good relationships with other like-minded community groups.

Oakhaven Wellbeing offers a range of peer support groups which are safe and supportive environments to get together with others, share experiences, and feel that you are not on your own. Our sessions are open to all, along with your family and friends who may be supporting you.

Quality

The appointment of a Director of Quality and Governance in 2022 was a key highlight of the year, this is an important role in driving the improvement of care and services, and the considered management of risk. This year we have carried out a systematic and critical review of our structure, processes and outcomes. Ensuring required standards are achieved and identifying areas for improvement as well as identifying and managing risks to quality of care.

Next year our focus will be on planning and driving continuous improvement, identifying, sharing and ensuring delivery of best practice throughout the hospice.

We continue to invest in IT and infrastructure; developing our databases and quality metrics to monitor and encourage quality improvement.

The Learning and Research Hub (formally known as Education) carried out a comprehensive review of Oakhaven’s training and educational offering both internally for hospice staff and externally to the wider community of GP’s, Community nurses, nursing and residential homes and other allied health professionals.

The review sets out objectives over three years, with implementation, subject to funding and resources, commencing 2023.

In March of 2023, Oakhaven Day Hospice launched its monthly Neurological Support Day. This day is focused around patients with progressive neurological conditions and their carers. The majority of these patients have a diagnosis of motor neuron disease but patients with a range of neurological conditions are discussed.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

All patients known to Oakhaven with progressive neurological conditions are discussed in a multidisciplinary team meeting on the day in addition to those who attend. Patients who may benefit from the day are highlighted when met by the Oakhaven team and referred for the day. They are invited with their loved one to attend a six month course running once a month and benefit from a bespoke, informal education programme aimed at their specific needs and the needs of their carers whilst also being able to benefit from the social aspect of the day and opportunity to meet others in similar circumstances.

Throughout the day they have the opportunity to spend time with our health care professionals who include nurses, doctors, physiotherapists, occupational therapists, counsellors, and complementary therapists as well as enjoying a delicious lunch.

Following this course, the group will be offered the opportunity to move onto other Oakhaven services depending on their level of need. The feedback has been universally excellent, we are seeing benefits both physically and emotionally. Feedback will be formally collated at the end of the first course to allow the opportunity to adapt it to ensure that we are most appropriately meeting the needs and wishes of this group of patients and their loved ones.

We are hoping to continue with this course for future patients subject to funding being available.

Complaints

Oakhaven is absolutely committed to continuously improving the quality of care and the services it provides, and we always aim is to ensure the satisfaction of its users and supporters. Oakhaven is accountable for its services, and welcomes views, comments and complaints from its service users. It is the intention of Oakhaven Hospice Trust to deal with complaints, verbal and written, in a swift and effective manner, which ensures complete fairness for both staff and complainant.

We welcome all feedback and encourage patients and visitors to leave comments as they wish. This can be done in our comments box. Alternatively, at www.careopinion.org.uk.

Financial review

Overview

Like all charities, inflation and the cost-of-living crisis remain a concern, we have again seen a sharp increase in our expenditure.

We have been very fortunate in the last two years to benefit from very generous legacy income, which has been essential in helping the hospice keep pace with inflation. Legacy income is a vital and important part of charitable giving, which is by nature, a difficult income stream to predict from one year to the next.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

It is because of the legacy of Phoebe and John Coates that Oakhaven Hospice exists and the generosity of others who, over the last 30 years, have supported Oakhaven through gifts in wills which ensures that Oakhaven continues to provide specialist palliative care in the future.

The In-patient Unit legal claim was finally resolved in the year, with a further settlement of £142,500 being received towards the cost of remedial works to the In-patient Unit.

Public Benefit

The Charity has provided significant services throughout the year to those living across the New Forest, Totton and the Waterside areas. The Trustees review and approved the current five year Strategy ‘Fit for the Future 2019 -2024’. In undertaking this review the Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit.

Income

Total hospice income was £8.62m (2022: £8.59m) with a significant increase in donations and legacies of £0.9m.

The generosity of the community and local businesses is reflected in the increased voluntary income for the year of £1.73m (2022: £1.87m). Legacy income during the year was £1.96m (2022: £1.16m).

£0.94m (2022: £1.12m) of Hospice income came from the NHS for the provision of core services; this equates to 11% (2022: 13%) of total income and 21% (2022: 31%) of total palliative care costs of £4.42m (2022: £3.61m).

Income from trading activities continues to improve with income of £2.12m (2022: £1.73m) in the group accounts, an increase of £0.34m on the previous year.

Oakhaven Care has had a year of consolidation, following the unprecedented demand for services during the Covid Pandemic.

High quality Infrastructure investment has been made to ensure that patient care and staff training and welfare is prioritised. A satellite office in Totton has been leased to better support the staff working in Totton and the Waterside. Activity levels also dropped during the year as family and friends were better able to support loved ones once the travel restrictions were lifted post Covid19, resulting in a fall in revenue to £0.94m (2022: £2.10m).

The investment in infrastructure will allow a more gradual and sustainable growth for the future.

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The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Expenditure

The Group expenditure amounted to £7.99 (2022: £6.20m) a significant increase of £1.04m (15%) on the previous year. This is due to the ongoing cost of living crisis and its effect on staff costs as well as day to day running costs. Oakhaven recognises that our biggest asset is our staff, we pride ourselves on ensuring our pay structure and staff benefits are competitive in order to recruit high quality dedicated professionals.

The provision of Specialist Palliative Services represents 55% (2022: 51%) of expenditure, of which the majority of this is staff costs in providing such a diverse multi-disciplinary team: doctors, consultants, specialist nurses and other health care professionals. Oakhaven Care represents a further 21% (2022: 25%) of total group expenditure in the provision of domiciliary and palliative care.

Oakhaven Care has been working collaboratively with the Hospice at Home team to provide palliative care to patients in their own homes. They achieved a ‘good’ CQC inspection in January 2019 and we have been building upon this success by expanding services and increasing our client base.

The connection with the Hospice provides us with a unique opportunity for palliative training and transfer of knowledge and skills from both settings.

Further details of this and other subsidiaries trading performance see note 16 to the financial statements.

Investments

The Hospice held £3.94m (2022: £4.22m) in fixed asset investments, £3.65m (2022: £3.77m) invested between two investment portfolios a decrease in value in the year of £0.12m. A further £0.29m (2022:£0.28m) was in an investment property, an increase in value of £0.01m. These deposits are held in accounts with maturity greater than 12 months from the reporting date. In addition to the long term deposits, £2.03m (2022:1.92m) was deposited in accounts with maturity more than three months from deposit, but less than 12 months from the reporting date. These deposits have been classified as current asset investment. The Hospice has used an investment hub service to manage its cash reserves and place deposits in different banks to maximise return, whilst ensure risk is spread.

The objective of the investments portfolio is to maximise the return from the investment through dividend income and capital growth for the short-term and longer-term benefit of the charity.

Income in the year from these investments amounted to £0.11m (2022: £0.10m).

The investment managers reported quarterly on investment performance and attend trustees meetings to present and discuss investment performance on request.

17

The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Principal risks and uncertainties

To Manage key risks and opportunities, Oakhaven maintains a Register divided by key areas:

The risk process is being reviewed to provide a more dynamic risk register that reflects the changes over the year, with quarterly reviews of risks and their score so that action will be taken sooner to mitigate any changes to risks and identify new emerging risks, allowing more appropriate and timely action to be taken.

The Register is maintained by the Senior leadership team, who now review the risk scores each quarter.

The risk register is also reviewed and discussed at Board and Sub-Committee level.

Sub-Committees (Trustee-chaired) include:

The Senior Management Team meets monthly and Chairs focus groups on:

Risks are identified and graded using a matrix which considers likelihood of occurrence against potential effect. In this way we are able to classify risk between low, medium and high risk.

Key risks which we have already taken action to minimise and continue to monitor closely to ensure rapid action can be taken are listed below:

18

The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

----- Start of picture text -----
Risk Mitigation
Insufficient funds & reserve Robust budgeting and timely and accurate financial monitoring
funds Income generation strategy
Reserves policy
Financial Governance
Monthly Management Accounts
Annual audit providing third party scrutiny
Staff and Volunteer People Governance Committee
recruitment and retention Workforce development plan
Effective recruitment campaigns, ensuring appropriate media is
used. Continued review of job descriptions/person
specifications to ensure correct skills are being recruited. Ensure
posts are competitively rewarded
Medical and Employee Assist Programme
Staff and volunteer surveys
Reputation and standing in Regulatory Compliance and reporting
the community Fundraising Regulator
External audit
Complaints policy
Dedicated Communications Manager
Regular review of policies and procedures
Clinical Risk Clinical Governance framework and strategy
Complaints procedure
Critical incident reporting and review
Clinical Governance and Medical reports standing items at Board
Meetings
Complaints report discussed at Clinical Governance and Board
level
Employee Fidelity Maintenance and review of financial policy and ensuring
appropriate financial procedures are adhered to. Appropriate
security in place relevant to the area. External review.
Health & Safety Ensure appropriate health and safety policies and procedures
and staff/volunteers awareness of P&P’s including regular risk
assessments. Ensure appropriate lone worker policies and
procedures are in place to minimise risk to individuals
Critical incident resulting in Disaster Management Policy reviewed regularly and updated
major damage to all services appropriately to recognise new or emerging risks.
Local/ global Pandemic Disaster Management Policy and Infection Control Policies
reviewed regularly and ensure appropriate staff awareness of
duties. Maintain appropriate levels of PPE and ensure staff
support is in place as standard.
Government Grants and Guidance.
----- End of picture text -----

19

The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Reserves policy and going concern

The Charity aims to hold sufficient reserves to protect it against any sudden decline in income and to provide confidence in meeting operational commitments. As part of its risk management the Charity has identified key areas of potential concern with regards to future funding and operational commitments; these being our continued dependence on legacy income, the potential of a further impact on legacy income and investment holding values due to a downturn in the economy and, in light of developments within the health service, the need to show prudence with regard to future statutory funding levels.

Reserve

The Group held £11.95m (2022: £11.28m) of reserves. Of this figure £1.52m (2022: £0.85m) is restricted and a further £5.22m (2022: £4.98m) is unrestricted but designated. This relates to the value of the Hospice buildings and business assets as well as £1.04m (2022: £0.90m) designated for the repairs to the In-Patient Unit now the legal case regarding the Inpatient Unit has fully concluded. After allowing for this there remains £5.20m (2022: £5.45m) of unrestricted funds which equates to 7.83 months (2022: 9.34) of charitable expenditure based upon 2022/23 expenditure.

The policy has been to hold free reserves equivalent to between 8-12 months of unrestricted operational costs to protect against any sudden fall in income or detrimental external factors. The Board is satisfied that the current level of free reserves, whilst slightly below 8 months, is appropriate for the year.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 23 October 1989 and registered as a charity on 13 November 1989.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

The Board is supported in decision-making by detailed scrutiny and recommendations provided by the Board Sub-Committees which meet regularly with the Executive and report directly to the Board.

20

The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

The Trustees are responsible for the overall management of the Hospice. To achieve this they have appointed a management team who are full-time employees of the Charity. The Chief Executive leads the team to implement the Charity’s objectives.

Appointment of trustees

The charity may by ordinary resolution appoint a person who is willing to act as a trustee and determine the rotation in which any additional trustees are to retire. The number of trustees is not to be less than three and is not subject to any maximum. At each Annual General meeting onethird of the trustees, or the nearest to one-third, must retire from office. This is managed in rotation according to length of service. Each trustee is able to stand for re-election if they should so choose.

No trustee should serve a term of more than nine years or such longer period as the trustees may decide from time to time.

Trustee induction and training

Training requirements for trustees are identified as part of the induction process. All new trustees follow a structured induction process that includes meeting other trustees and the Chair, meeting members of the senior management team, provision of all information in relation to their role and responsibilities and they are all encouraged to shadow members of the staff to gain a full understanding of the organisation.

Related parties and relationships with other organisations

The Charity has three subsidiaries: Oakhaven Trust Trading Company Limited, registered company number 02466879, Oakhaven Lottery Company Limited, registered company number 03339521 and Oakhaven Care Limited, registered company number 08409572.

Oakhaven Trust Trading company Limited ceased trading on 31[st] March 2023, all assets were transferred to the Charity.

Remuneration policy for key management personnel

Remuneration of the Chief Executive is managed by the Board of Trustees. Remuneration levels of all other staff is the responsibility of the Chief Executive and these are measured against a number of benchmarking tools; including the annual Croner hospice salary review, salary and recruiting trend analysis and local comparators.

21

The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

Policy for employment of disabled persons

Oakhaven Trust strives to be an equal opportunities employer. The Trust incorporates the principle that all employees should receive equal rights and recognises and respects the differences between people to create an environment where everyone feels valued for their individual talents and where their skills and competencies are fully utilised.

The Trust strives to ensure that no member of staff or job applicant receives less favourable treatment on the grounds of age, disability, sex, gender reassignment, sexual orientation, pregnancy or maternity, marriage or civil partnership, race, religion, belief, political viewpoint, trade union activity or any other individual difference. This applies to any situation where an individual may perceive (wrongly or rightly) that a colleague is of a particular age, race, religion etc.

Employees who are disabled or become disabled during the course of their employment should inform the organisation about their disability. The line manager, with a member of the HR Team, should discuss with the employee any reasonable adjustment(s) that could be made to their job, working conditions or environment that might assist them in the performance of their duties. The employee will also be encouraged to suggest any adjustments that he or she believes would be helpful.

Statement of responsibilities of the trustees

The trustees (who are also directors of The Oakhaven Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

22

The Oakhaven Trust (including strategic report)

Trustees’ annual report

For the year ended 31 March 2023

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group 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.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2023 was 12 (2022: 12). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Hopper Williams & Bell Limited, the charitable company and group’s auditors, have expressed their willingness to continue in that capacity.

The Trustees’ Annual Report which includes the strategic report has been approved by the trustees on and signed on their behalf by

Melville Kendal

Chair of Board of Trustees

02 Nov 2023

23

Independent auditor’s report

To the members of The Oakhaven Trust

Opinion

We have audited the financial statements of The Oakhaven Trust (the 'parent Charity') and its subsidiaries (the 'Group') for the year ended 31 March 2023 which comprise the consolidated statement of financial activities (incorporating an income and expenditure account), the consolidated and charity balance sheets, the consolidated statement of cash flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 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 12 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.

24

Independent auditor’s report

To the members of The Oakhaven Trust

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report or the group strategic report, included within the trustees’ report.

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

25

Independent auditor’s report

To the members of The Oakhaven Trust

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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 Group’s and the parent 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 Group or the parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

26

Independent auditor’s report

To the members of The Oakhaven Trust

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

Use of our report

This report is made solely to the Charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charityʼs members those matters we are required to state to them in an auditorʼs 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 Charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Michaela Johns FCCA (Senior Statutory Auditor) Hopper Williams & Bell Limited (Statutory Auditor) Highland House Mayflower Close Chandlers Ford Eastleigh SO53 4AR

09 Nov 2023

Date ……………………………

27

The Oakhaven Trust Consolidated statement of financial activities (incorporating an income and expenditure account)

For the Year ended 31 March 2023

----- Start of picture text -----
2023 2022
Unrestricted Restricted Total Total
Note £ £ £ £
Income from:
Donations and legacies 3 2,770,958 890,952 3,661,910 2,734,312
HMRC Job retention scheme 3 - - - 13,351
Business Support Grant Funding 3 18,614 - 18,614 99,029
Charitable activities
Specialist Palliative Care 4 936,690 - 936,690 1,132,102
NHS Grant 3 - - - 686,874
Oakhaven Care 16 1,775,006 - 1,775,006 2,101,175
Other trading activities 5 2,116,523 - 2,116,523 1,726,992
Investments 6 110,497 - 110,497 96,915
Total income 7,728,288 890,952 8,619,240 8,590,750
Expenditure on:
Raising funds
Expenditure on raising donations and
legacies 7 611,710 - 611,710 490,783
Expenditure on other trading activities 7 1,246,628 - 1,246,628 1,112,459
Investment management costs 7 13,022 - 13,022 14,888
Charitable activities
Specialist Palliative Care 7 4,206,642 213,330 4,419,972 3,610,729
Care Agency 7 1,700,928 - 1,700,928 1,778,280
Total expenditure 7,778,930 213,330 7,992,260 7,007,139
Net income before net gains or (losses)
on investments (50,642) 677,622 626,980 1,583,611
Net gains/ (Losses) on investments 14 &15 (100,192) - (100,192) 313,811
Net income / (expenditure) for the year (150,834) 677,622 526,788 1,897,422
Net income/(expenditure) (150,834) 677,622 526,788 1,897,422
Extraordinary items
Legal settlement 31 142,500 - 142,500 -
Net movement in funds 25 (8,334) 677,622 669,288 1,897,422
Reconciliation of funds:
Total funds brought forward 10,432,631 846,618 11,279,249 9,381,827
Total funds carried forward 10,424,297 1,524,240 11,948,537 11,279,249
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 25 to the financial statements.

28

The Oakhaven Trust Consolidated and charity balance sheets

Company no. 02435177

For the Year ended 31 March 2023

----- Start of picture text -----
The group The charity
2023 2022 2023 2022
Note £ £ £ £
Fixed assets:
Tangible assets 13 3,492,647 3,565,266 3,482,486 3,557,506
Investment properties 14 286,875 276,250 286,875 276,250
Investments 15 3,649,484 3,941,638 3,649,490 3,941,644
7,429,006 7,783,154 7,418,851 7,775,400
Current assets:
Debtors 18 2,552,649 1,796,199 2,438,735 1,578,650
Investments 19 1,821,311 1,923,073 1,821,311 1,923,073
Cash at bank and in hand 796,783 912,297 667,332 646,650
5,170,743 4,631,569 4,927,378 4,148,373
Liabilities:
Creditors: amounts falling due within one year 20 543,696 1,024,121 389,869 846,051
Net current assets 4,627,047 3,607,448 4,537,509 3,302,322
Total assets less current liabilities 12,056,053 11,390,603 11,956,360 11,077,722
Creditors: amounts falling due after one year 22 107,516 111,354 107,516 111,354
Total net assets 11,948,537 11,279,249 11,848,844 10,966,368
Funds: 25
Restricted income funds 1,524,240 846,618 1,524,240 846,618
Unrestricted income funds:
Designated funds 4,535,147 3,455,097 4,535,147 3,455,097
Fair value reserve 677,172 1,525,963 677,172 1,525,963
General funds 5,211,978 5,451,571 5,112,285 5,138,690
Total unrestricted funds 10,424,297 10,432,631 10,324,604 10,119,750
Total funds 11,948,537 11,279,249 11,848,844 10,966,368
----- End of picture text -----

Melville Kendal Chairman of Board of Trustees

Date: 2nd November 2023

29

The Oakhaven Trust Consolidated statement of cash flows

For the Year ended 31 March 2023

----- Start of picture text -----
Note 2023 2022
£ £ £ £
Cash flows from operating activities
Net cash from/(used in) operating activities 25 (63,726) 1,218,106
Cash flows from investing activities:
Dividends, interest and rents from investments (110,497) 96,915
Purchase of fixed assets (121,198) (178,797)
Proceeds from sale of investments 1,434,980 635,563
Purchase of investments (1,247,558) (3,170,724)
(Increase)/ Decrease in cash held by investment
managers (3,909) 6,977
Net cash provided by investing activities (48,182) (2,610,066)
Cash flows from financing activities:
Repayments of borrowing (3,606) (8,047)
Net cash used in financing activities (3,606) (8,047)
Change in cash and cash equivalents in the year (115,514) (1,400,007)
Cash and cash equivalents at the beginning of the
year 912,297 2,312,304
Cash and cash equivalents at the end of the year 796,783 912,297
----- End of picture text -----

30

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

a) Statutory information

The Oakhaven Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is Pennington Chase, Lower Pennington Lane, Lymington, Hampshire, SO41 8ZZ.

b) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Oakhaven Trust Trading Company Limited (02466879) is a wholly owned subsidiary of Oakhaven Hospice Trust Limited. It's objective is to carryout non primary purpose trading, such as catering and the sale of bought in goods, on behalf of Oakhaven Hospice Trust Limited. All profits are gifted to the parent company. The trading company ceased trading 31st December 2022 and all assets transferred to the parent. The Company will remain dormant with £2 share capital held by the parent.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiaries, Oakhaven Lottery Company Limited, Oakhaven Trust Trading Company Limited and Oakhaven Care Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is the amount derived from the provision of goods/services, and stated after discounts, other sales taxes and net of VAT.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

31

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Incoming resources from the sale of lottery tickets, shop income and refreshments is recognised at the point of sale. Income generated in the shops relates to the sale of donated goods, goods specifically bought for resale and goods made by The Oakhaven Trust. The sale of lottery tickets, event tickets and other similar activity are classified separately from shop income.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividend income received from the charity's investment portfolio is recognised when they are declared.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. VAT charged for mixed use is held in the residual pool to be included in the quarterly VAT return partial exemption calculation. The resultant irrecoverable VAT is charged to overheads at the end of the VAT quarter.

32

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

Support costs include central functions that have been allocated to activity cost categories on a basis consistent with use of resources, i.e. staff costs based on staff numbers and other costs by their usage.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

k) Operating leases

Rental charges are charged to the SOFA on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold property - additions pre 1 April 2001 25 years
Freehold property - additions post 1 April 2001 50 years
Freehold property - garden 5 years
Furniture and hospice equipment 3 - 10 years
Motor Vehicles 5 years

Componentisation has be applied for depreciation purposes for tangible fixed asset purchases from 1st April 2019.

Components that are required to be depreciated separately are those that have a cost that is significant in relation to the total cost of an asset, a different useful economic life and method of depreciation.

m) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. The valuation method used to determine fair value will be stated in the notes to the accounts.

33

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

1 Accounting policies (continued)

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries Investments in subsidiaries are at cost.

Stock is included at the lower of cost and net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for items on the open market.

p) Debtors

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

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

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

s) Financial instruments

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

t) Pensions

The charity contributes to pension schemes in which the benefits are determined by the value of contributions paid in respect of each member. It also contributes to a defined benefit superannuation scheme. The assets of both these schemes are held separately from the charitable company. The pension cost charge represents contributions payable for the year under the schemes by the charitable company. Further information on the schemes is included in note 23.

34

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

1 Accounting policies (continued)

u) Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, that are believed to be reasonable under the circumstances and there is sufficient information provided to prepare a reasonable estimate. The critical accounting estimates and areas of judgement made within these accounts relates to legacies, Investment Property and component accounting for depreciation:

Certainty is met when the executor confirms that probate is sufficient to cover the bequest and that there are no challenges to the will, life tenants or any other circumstance where the resultant bequest could be significantly diminished.

Measurement is achieved through either having a clear statement from the Executor of the value of the bequest or being able to reasonably estimate this from the will and probate. Third party estimates will not be used unless validated by the Executor.

v) Going Concern

The Directors have considered the impact and risk on the company of Covid-19 and the company's prospects, recognising the high degree of uncertainty. The Directors have concluded that with the right management action the company is a going concern for at least 12 months following the signing of the financial statements. Accordingly the Directors have prepared the financial statements on this basis.

Coronavirus Job Retention Scheme w)

The Accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.

x) Business Support Grant Funds

The accrual model has been used to recognise the grant when it is received or becomes receivable, as there are no future related costs or performance conditions.

35

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

HMRC Job retention scheme
Business Support Grant funding
Specialist Palliative Care
NHS Grant
Care Agency
Expenditure on other trading activities
Investment management costs
Total income
Care Agency
Total expenditure
Transfers between funds
Expenditure on:
Net gain on investments
Total funds brought forward
Net movement in funds
Total funds carried forward
Other trading activities
Charitable activities
Income from:
Donations and legacies
Investments
Charitable activities
Specialist Palliative Care
Net income / (expenditure) before losses on investments
Raising funds
Expenditure on raising donations and legacies		 £
1,998,093
13,351
99,029
1,026,315
-
2,101,175
1,726,992
96,915
7,061,870
490,783
1,112,459
14,888
2,776,781
1,778,280
6,173,191
888,679
313,811
1,202,490
93,891
9,136,250
10,432,631
Unrestricted		 Restricted
£
736,219
-
-
105,787
686,874
-
-
-
1,528,880
-
-
-
833,948
-
833,948
694,932
-
694,932
(93,891)
245,577
846,618		 2022
Total
£
2,734,312
13,351
99,029
1,132,102
686,874
2,101,175
1,726,992
96,915
8,590,750
490,783
1,112,459
14,888
3,610,729
1,778,280
7,007,139
1,583,611
313,811
1,897,422
-
9,381,827
11,279,249

36

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

4
5
6
Lotteries
Merchandising and shops
NHS Pension Statutory Income
Mesothelioma cases
Other
Income from investment portfolio
Sub-total for Specialist Palliative Care
Catering
NHS West Hampshire CCG
Income from other trading activities
Income from investments
Education
Income from cash held
Business support grant
Legacies
Fundraising events
Income from Specialist Palliative Care
General donations
NHS Grant
Grants and Trusts
Community Fundraising
HMRC Job Retention scheme		 Unrestricted
£
868,829
1,665,434
157,850
78,845
18,614
-
2,789,572
Unrestricted
£
917,578
19,112
-
-
936,690
Unrestricted
£
199,826
297,614
1,415,580
18,462
122,928
62,113
2,116,523
Unrestricted
£
72,509
37,988
110,497		 £
275,818
290,000
25,134
300,000
-
-
890,952
£
-
-
-
-
-
£
-
-
-
-
-
-
-
£
-
-
-
Restricted
Restricted
Restricted
Restricted		 2023
Total
£
1,144,647
1,955,434
182,984
378,845
18,614
-
3,680,524
2023
Total
£
917,578
19,112
-
-
936,690
2023
Total
£
199,826
297,614
1,415,580
18,462
122,928
62,113
2,116,523
2023
Total
£
72,509
37,988
110,497		 2022
Total
£
712,639
1,155,288
145,794
720,591
99,029
13,351
2,846,692
2022
Total
£
1,098,135
19,112
686,874
14,855
1,818,976
2022
Total
£
147,369
328,907
1,076,158
12,694
84,315
77,549
1,726,992
2022
Total
£
88,431
8,484
96,915

37

The Oakhaven Trust

Notes to the financial statements

For the Year ended 31 March 2023

Staff costs (Note 9)
Direct costs
Costs of fundraising
trading
Investment management
costs
Premises, legal and
support costs
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Retail &
Trading
Fundraising
Oakhaven
Care
£
£
£
580,175
218,699
1,173,939
157,196
39,117
461,156
25,963
69,462
-
-
-
-
325,867
140,027
65,833
1,089,201
467,305
1,700,928
151,777
151,777
-
5,650
5,650
-
1,246,628
624,732
1,700,928
1,112,459
505,671
1,778,280
Cost of raising funds		 Charitable
activities
Specialist
Palliative
Care
£
2,707,168
244,191
-
-
209,201
3,160,560
1,214,216
45,196
4,419,972
3,610,729		 Governance
costs
£
56,496
-
-
-
-
56,496
-
(56,496)
-
-		 Support
costs
£
852,571
171,868
-
13,022
480,309
1,517,770
(1,517,770)
-
-
-		 2023 Total
£
5,589,048
1,073,528
95,425
13,022
1,221,237
7,992,260
-
-
7,992,260
7,007,139		 2022 Total
4,655,433
972,578
181,513
14,888
1,182,727
7,007,139
-
-
7,007,139

38

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

This is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Depreciation|193,817|162,682| |Operating lease rentals:| |Property|210,745|165,158| |Other services|10,176|9,614| |Auditors' remuneration (excluding VAT):| |Audit|27,500|25,000| |Other|15,022|-| |Interest payable on loan|5,771|3,942|

----- End of picture text -----

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Salaries and wages|4,862,519|4,097,925| |Redundancy and termination costs|631|-| |Social security costs|428,115|327,434| |Employer’s contribution to pension schemes|297,783|230,074| |5,589,048|4,655,433|

----- End of picture text -----

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |No.|No.| |£60,001 - £70,000|1|3| |£70,001 - £80,000|2|2| |£80,001 - £90,000|2|2| |£90,001 - £100,000|1|-|

----- End of picture text -----

The total employee benefits including pension contributions and employer's national insurance contributions of the key management personnel were £640,305 (2022: £502,820).

The charity trustees were not paid and received no other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

There were no Trustees expenses claimed in the year (2022: £nil).

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |No.|No.| |Raising funds|53|36| |Specialist Palliative Care|105|94| |Care Agency|51|55| |Support|39|39| |248|224|

----- End of picture text -----

39

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

11 Related party transactions

Marketing Services were provided by Studio Squeeze of £11,200 (2022: £nil). Andrew Ryde, CEO is related to one on the business partners. Three quotes were obtained for these services as part of the tender for the services, Andrew Ryde was not involved in this process and was not involved in the decision to award the work to Studio Squeeze.

Education services were provided by Lynn Dodson to the Charity of £5,397 (2022: £5,458), Lynn is a Director of Oakhaven Care and also related to Paul Dodson, who served during the year as Chairman of the Board of Trustees.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

12 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiaries gift aid any available profits to the parent charity.

13 Tangible fixed assets

----- Start of picture text -----
The group
Freehold Hospice Furniture and Assets Under
Property Motor Vehicles Equipment Fittings Construction Total
£ £ £ £ £ £
Cost
-
At the start of the year 5,487,208 79,899 300,469 509,349 6,376,925
- -
Additions in year 13,995 78,060 29,143 121,198
- - - -
Disposals in year (2,016) (2,016)
At the end of the year 5,487,208 93,894 300,469 585,393 29,143 6,496,107
Depreciation
-
At the start of the year 2,163,726 43,056 265,043 339,834 2,811,659
-
Charge for the year 123,355 15,762 11,352 43,348 193,817
- - - -
Eliminated on disposal (2,016) (2,016)
-
At the end of the year 2,287,081 58,818 276,395 381,166 3,003,460
Net book value
At the end of the year 3,200,127 35,076 24,074 204,227 29,143 3,492,647
-
At the start of the year 3,323,482 36,843 35,426 169,515 3,565,266
All of the above assets are used for charitable purposes.
The charity
Freehold Hospice Furniture and Assets Under
property Motor Vehicles Equipment Fittings Construction Total
£ £ £ £ £ £
Cost
-
At the start of the year 5,487,208 79,899 300,469 497,029 6,364,605
- -
Additions in year 13,995 72,922 29,143 116,060
At the end of the year 5,487,208 93,894 300,469 569,951 29,143 6,480,665
Depreciation
-
At the start of the year 2,163,726 43,054 265,043 335,276 2,807,099
-
Charge for the year 123,355 15,762 11,352 40,611 191,080
-
At the end of the year 2,287,081 58,816 276,395 375,887 2,998,179
Net book value
At the end of the year 3,200,127 35,078 24,074 194,064 29,143 3,482,486
-
At the start of the year 3,323,482 36,845 35,426 161,753 3,557,506
----- End of picture text -----

All of the above assets are used for charitable purposes.

Assets under constrution are not depreciated until the point in which they are brought into use.

40

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

14 Investment properties

Fair value at the start of the year
Fair value at the start and end of the year
Revaluation during the year		 2023
2022
£
£
276,250
191,500
10,625
84,750
286,875
276,250
The group		 2023
2022
£
£
276,250
191,500
10,625
84,750
286,875
276,250
The charity

During 2012 the Charity received a 50% interest in a property as a result of a legacy. The property is subject to an on-going tenancy for which the Charity receives a modest below market rate rental income. The Trustees have determined the valuation based on relevant advice, taking into account the current market and the nature of the tenancy arrangement.

15
CCLA Overseas Equities
CCLA UK Equities
CCLA Infrastructure & operating assets
CCLA Contractual & other income
CCLA Private equity
CCLA Property / Other Assets
CCLA Fixed Interest
CCLA Cash
CCLA Derivatives
Investment hub long term investment
Ruffer Credit and illiquid strategies
Cash held by investment broker pending reinvestment
Fair value at the end of the year
Historic cost at the end of the year
Investments comprise:
Additions at cost
Disposal proceeds
(Loss)/Net gain on change in fair value
Fair value at the start of the year
Investments
Ruffer Index Linked treasury bonds
Investment in HQP
Ruffer Cash held as part of investment portfolio
Ruffer Gold and precious metals
Ruffer Other
Investment in subsidiary undertakings incorporated in the UK
at cost
UK Govt. (Short Dated) Fixed int.
Ruffer UK Govt. Conventional Fixed int.
Ruffer Equities: UK
Ruffer Equities: overseas
Ruffers Global funds		 2023
2022
£
£
3,890,560
3,049,411
1,247,558
1,247,651
(1,432,804)
(635,563)
(110,817)
229,061
3,594,497
3,890,560
54,987
51,078
3,649,484
3,941,638
3,159,178
1,946,125
2023
2022
£
£
20,475
39,725
37,062
-
491,665
449,526
64,286
205,130
182,940
303,764
102,168
156,952
118,594
117,994
193,604
-
54,987
51,078
105,118
79,269
1,444,845
1,518,957
183,197
201,296
189,577
214,558
42,154
65,362
60,610
57,784
70,636
108,463
178,640
-
108,460
201,770
456
-
-
170,000
-
-
10
10
3,649,484
3,941,638
The group
The group		 2023
2022
£
£
3,890,566
3,049,417
1,247,558
1,247,651
(1,432,804)
(635,563)
(110,817)
229,061
3,594,503
3,890,566
54,987
51,078
3,649,490
3,941,644
3,159,178
1,946,131
2023
2022
£
£
20,475
39,725
37,062
-
491,665
449,526
64,286
205,130
182,940
303,764
102,168
156,952
118,594
117,994
193,604
-
54,987
51,078
105,118
79,269
1,444,845
1,518,957
183,197
201,296
189,577
214,558
42,154
65,362
60,610
57,784
70,636
108,463
178,640
-
108,460
201,770
456
-
-
170,000
6
6
10
10
3,649,490
3,941,644
The charity
The charity

41

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

16 Subsidiary undertakings

The charitable company owns the whole of the issued ordinary share capital of Oakhaven Lottery Company Limited, a company registered in England. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

The aggregate of the assets, liabilities and funds was:
Turnover
Liabilities
Administrative expenses
Gift aid to parent undertaking
Reserves Carried forward
Funds
Reserves brought forward
Gross profit
Assets
Profit on ordinary activities
Cost of sales		 2023
£
301,774
(109,698)
192,076
(11,057)
181,019
(189,784)
34,467
25,702
91,704
(66,002)
25,702		 2022
£
328,907
(112,789)
216,118
(11,334)
204,784
(190,164)
19,847
34,467
112,618
(78,151)
34,467

The charitable company owns the whole of the issued ordinary share capital of Oakhaven Care Limited, a company registered in England and Wales. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

Furlough Income
Business Grant
Total income
Liabilities
Profit / (loss) for the financial year
Reserves Carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Gift aid to parent
Reserves brought forward
Funds
Turnover
Cost of sales
Administrative expenses
Gross profit		 2023
£
1,775,006
-
1,511
1,776,517
(1,276,825)
499,692
(429,683)
70,009
(257,881)
261,870
73,998
237,165
(163,167)
73,998		 2022
£
2,107,729
1,387
78,484
2,187,600
(1,433,016)
754,584
(346,703)
407,881
(422,771)
276,760
261,870
374,406
(112,536)
261,870

42

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

16 Subsidiary undertakings (continued)

The charity owns the whole of the issued shared ordinary share capital of The Oakhaven Trust Trading Company Limited, a company registered in England and Wales. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

The aggregate of the assets, liabilities and funds was:

17
18
Legacies income due
Accrued income
VAT
Gross profit
less bad debt provision
Liabilities
Administrative expenses
Operating profit
Tax on profit
Prepayments
Gift aid to parent undertaking
Trade debtors
Turnover
Cost of sales
Amounts due from subsidiaries and group undertakings
Profit for the financial year
Reserves brought forward
Reserves Carried forward
Parent charity
Gross income
Result for the year
Other debtors
The parent charity's gross income and the results for the year a
Funds
Debtors
Assets		 2023
2022
£
£
332,412
385,351
(30)
(9,735)
1,404,174
449,897
577,371
774,387
-
-
44,666
31,515
16,284
14,005
177,772
150,779
2,552,649
1,796,199
re disclosed as follows:
The group		 2023
2022
£
£
46,207
46,726
(25,090)
(25,242)
21,117
21,484
(4,670)
(5,348)
16,447
16,136
-
(113)
16,447
16,023
(33,518)
(843)
17,073
1,893
2
17,073
2
18,183
-
(1,110)
2
17,073
2023
2022
£
£
7,042,671
6,990,571
882,994
1,882,634
2023
2022
£
£
282,260
313,218
-
(9,735)
1,404,174
449,896
449,390
621,518
75,342
16,999
44,666
31,884
12,296
12,492
170,607
142,378
2,438,735
1,578,650
The charity

43

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

19. Investments

Investments
The group The charity
2023 2022 2023 2022
£ £ £ £
Investment held with maturity less than 12 months 1,821,311 1,923,073 1,821,311 1,923,073

The charity has invested funds with an investment hub which places funds with a variety of banks to earn interest and spread investment risk. Deposits with a maturity of less than 12 months from the reporting date are classified as current asset investment. Deposits with a maturity greater than 12 months from the reporting date are classified as fixed assets investments and are included in note 15.

20 Creditors: amounts falling due within one year

Pension
Taxation and social security
Deferred income
Trade creditors
Accruals
Bank loans
Other creditors		 2023
2022
£
£
5,104
4,872
130,918
137,876
105,890
99,143
78,489
17,868
106,298
346,195
64,801
38,821
52,196
379,346
543,696
1,024,121
The group		 2023
2022
£
£
5,104
4,872
117,617
103,340
85,626
76,044
15,745
11,052
80,540
302,326
58,402
32,336
26,835
316,081
389,869
846,051
The charity

Included within the accounts is a charge of £4,910 (2022: £2,659) which was made in the previous year relating to a lease which became onerous during the year and is due to expire in October 2023.

An under lease was granted in October 2019, with Oakhaven Hospice Trust as the Landlord. The under lease was granted at the same rental value as the superior lease with a four month rent free period. Rent is payable to Oakhaven Hospice Trust quarterly in advance until October 2023, however the tenant requested to end the lease early, whilst they continue to pay the lease, an increase in the provision has been made to reflect for the final two quarters less the deposit held.

Oakhaven Hospice remains fully obligated to the Superior Lease and as such will continue to pay the quarterly rent to the Superior Landlord.

21 Deferred income

Deferred income comprises income received in advance for services to be delivered in future periods

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Over 5 years
Creditors: amounts falling due after one year
1 - 2 years
Bank loans
2 - 5 years		 2023
2022
£
£
379,346
214,296
(852,999)
(1,686,217)
525,849
1,851,267
52,196
379,346
2023
2022
£
£
4,125
5,485
14,107
16,332
89,284
89,537
107,516
111,354
The group
The group		 2023
2022
£
£
316,081
147,269
(613,447)
(1,351,320)
324,201
1,520,132
26,835
316,081
2023
2022
£
£
4,125
5,485
14,107
16,332
89,284
89,537
107,516
111,354
The charity
The charity

The bank loan above is secured against freehold property at 67 Station Road, New Milton, Hampshire. It is repayable by instalments over 30 years (starting from December 2009). Interest is charged at 3% over base rate.

44

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

23. Pension schemes

The group pays pension costs for its staff in the following manner:

For employees who are a member of the National Health Service (NHS) pension scheme the group pays the employer’s contribution to the scheme. The total amount paid (employees and employers) into the NHS scheme in the year was £248,188 (2022: £165,417) Against this amount, the group received a grant from the Hampshire Primary Care Trust of £19,112 (2022: £19,112). The employers contribution for 2023 was £142,344 (2022: £94,233).

Participating employees contribute on a tiered scale from 5% - 14.5% of their pensionable pay. The charity has no further liability arising from its participation in this scheme, over and above its employer contributions.

The Oakhaven Trust is unable to identify its share of the underlying assets and liabilities as each employer within the NHS pension scheme is exposed to actuarial risks associated with the current and former employees of other entities participating in the NHS pension scheme. For schemes such as the NHS pension scheme, financial reporting standards require The Oakhaven Trust to account for pension costs on the basis of contributions actually payable to the scheme in the year.

Employees who are not in the NHS pension scheme are offered the opportunity to join a Group Personal Pension plan. Payments into this scheme in the year (employees and employers) totalled £302,612 (2022: £246,033). The employers contribution for 2023 was £155,439 (2022: £135,841).

The unpaid contributions to the pension fund at the year end were £63,902 (2022: £38,821).

24a Analysis of group net assets between funds (current year)

Net assets at March 2023
Investments
Tangible fixed assets
Long term liabilities
Net current assets
Investment properties		 General
unrestricted
£
-
276,250
2,982,937
3,996,131
(107,516)
7,147,802		 £
2,895,678
10,625
666,547
-
-
3,572,850
Designated funds		 Restricted funds
£
596,969
-
-
630,916
-
1,227,885		 Total funds
£
3,492,647
286,875
3,649,484
4,627,047
(107,516)
11,948,537

24b Analysis of group net assets between funds (prior year)

Investment properties
Net assets at March 2022
Long term liabilities
Investments
Net current assets
Tangible fixed assets		 General
unrestricted
£
-
276,250
2,415,675
2,871,000
(111,354)
5,451,571		 £
3,455,097
-
1,525,963
-
-
4,981,060
Designated funds		 Restricted funds
£
110,170
-
-
736,448
-
846,618		 Total funds
£
3,565,267
276,250
3,941,638
3,607,448
(111,354)
11,279,249

45

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

25.
Restricted property/equip
Beds and equipment
Service related
IPU Build Project
Education
Single point of access
Hythe/Waterside Patients
Other equipment
Dementia Care
Total restricted funds
Tangible fixed asset reserve
Total designated funds
General funds
Movements in funds (prior year)
Restricted funds:
Acorn Project
Restricted property/equip
Vehicle
Bed Campaign
Service related
NHS SE Grant
Build Project
Covid related
Education
Single point of access
IT/laptops
Other equipment
ACE Project
Miscellaneous restricted donations
Total restricted funds
Unrestricted funds:
Designated funds:
Fair value reserve
Capital reserve
Tangible fixed asset reserve
Total designated funds
General funds
Total unrestricted funds
Total funds
Total funds
Fair value reserve
Total unrestricted funds
Restricted funds:
Miscellaneous restricted donations
Movements in funds (current year)
Unrestricted funds:
Designated funds:
IPU build project		 At 1 April 2022
£
12,119
96,454
9,187
550,000
5,000
60,500
-
1,597
-
111,761
846,618
1,525,963
900,000
2,555,097
4,981,060
5,451,571
10,432,631
11,279,249
At 1 April 2021
£
333
12,119
65
88,254
3,000
-
-
3,400
-
45,500
-
7,798
14,760
70,348
245,577
1,212,152
900,000
2,540,916
4,653,068
4,483,182
9,136,250
9,381,827		 Income and
gains
£
-
3,130
46,468
300,000
-
-
290,000
1,354
250,000
-
890,952
(100,192)
142,500
-
42,308
7,728,288
7,770,596
8,661,548
Income and
gains
£
-
-
24,911
25,000
60,208
597,862
550,000
-
5,000
145,952
71,847
-
-
48,100
1,528,880
313,811
-
-
313,811
7,061,870
7,375,681
8,904,561		 Expenditure and
losses
£
-
-
(54,368)
-
(5,000)
(59,223)
-
(1,960)
-
(92,779)
(213,330)
-
-
-
-
(7,778,930)
(7,778,930)
(7,992,260)
Expenditure
and losses
£
(333)
-
(65)
(16,800)
(54,021)
(597,862)
-
(3,400)
-
(130,952)
(2,867)
(6,201)
(14,760)
(6,687)
(833,948)
-
-
-
-
(6,173,191)
(6,173,191)
(7,007,139)		 Transfers
£
(12,119)
-
18,982
12,119
-
-
-
-
-
(18,982)
-
(748,599)
-
937,550
188,951
(188,951)
-
-
Transfers
£
-
-
(24,911)
-
-
-
-
-
-
-
(68,980)
-
-
-
(93,891)
-
-
14,181
14,181
79,710
93,891
-		 At 31 March
2023
£
-
99,584
20,269
862,119
-
1,277
290,000
991
250,000
-
1,524,240
677,172
1,042,500
3,492,647
5,212,319
5,211,978
10,424,297
11,948,537
At 31 March
2022
£
-
12,119
-
96,454
9,187
-
550,000
-
5,000
60,500
-
1,597
-
111,761
846,618
1,525,963
900,000
2,555,097
4,981,060
5,451,571
10,432,631
11,279,249

46

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

Purposes of restricted funds

A generous donation of £250k was received in the year towards our continued work with dementia patients and their families.

We continue to raise funds for the redevelopment of the Inpatient unit (IPU Build Project) to meet the ever increasing demand for beds and services. We are currently in the planning stage of this project and have set aside restricted funds of £862k and designated funds of £1,042k.

£46k was received to support the on going cost of services, this is used towards the cost of our multi disciplinary clinical team and helps to ensure we can continue to deliver high quality services.

The Restricted Property fund consists of donations that were restricted by the donor to purchase property or equipment.

Legacy income is a vital income stream for the Hospice and we have been very fortunate this year to receive many very generous bequest. One such bequest was specifically given to support patients in the Hythe and Waterside Area. We already support patients from this area, but will be looking to make our services as accessible as possible to patients in this area.

Other restricted funds represent donations given for specific projects.

Transfers represent the expenditure on fixed assets, services or projects for which the original restricted funds were received, the restriction being lifted once the purchase or expenditure on the project has been made.

Purposes of designated funds

The fair value reserve relates to the unrealised profit on revaluation of the investments and the investment property.

The tangible fixed asset reserve has been set up to show those funds that respresent the net book value of tangible fixed assets and are therefore not freely available to spend on charitable activies. A transfer of £937,550 was required to ensure the reserve matched the full net book value of the fixed assets. See note 13.

The transfer of £748,599 represents the release of unrealised gains on the Ruffers investment which were released over time through the trading of the investment portfolio. Fair value was previously calculated using the historic cost of the original portfolio, however, as these shares have been traded over many year and the book cost of the current portfolio is available, it was deemed more appropriate to use the actual book cost of the current portfolio.

26. Reconciliation of net (expenditure) to net cash flow from operating activities

Net income for the year
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rent from investments
Decrease/(increase) in debtors
Decrease in creditors
Net cash from/ (used in) operating activities		 2023
£
669,288
193,817
98,016
110,497
(654,687)
(480,657)
(63,726)		 2022
£
1,897,422
162,682
(313,811)
(96,915)
(790,880)
359,608
1,218,106

27. Operating lease commitments

The group and charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
Two to five years
> five years		 Property
2023
£
119,764
174,811
294,575		 Other
2023
£
7,114
1,094
-
8,208		 Property
Other
2022
2022
£
£
119,129
10,657
194,994
8,324
-
-
314,123
18,981
Restated

28. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. There were 12 members during the year (2022: 11).

47

The Oakhaven Trust Notes to the financial statements

For the Year ended 31 March 2023

29. Trustees’ and Officers’ Insurance

In accordance with normal commercial practice the charity has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on charity business. The cost for the year ended 31 March 2023 was £517 (2022: £403).

30.
Analysis of changes in net debt
Net cash
Cash at bank and in hand
Debt
Debts falling due within one year
Debts falling due after one year
Total		 At 1.4.22
£
912,297
(4,872)
(111,354)
(116,226)
796,071		 Cash flow
£
(322,034)
(232)
3,838
3,606
(318,428)		 At 31.3.23
£
590,263
(5,104)
(107,516)
(112,620)
477,643

31. Extraordinary item

£142,500 was received in the year in settlement of an on going legal claim. These funds have been designated by the Board of Trustees for the repair and partial rebuild of the Inpatient Unit. The works are necessary to correct the faults discovered shortly after the build was completed in 2015 which resulted in one room being permanently closed until the works can be carried out. See reserves note 25.

Legal costs incurred to date over the period from 2015 have been treated as charitable expenditure in the SOFA and written off as incurred.

48

Issuer

HWB Chartered Accountants

Document generated Thu, 2nd Nov 2023 9:40:33 UTC

Document fingerprint f0239a7868ea9bd376eb7048e057ee68

Parties involved with this document

Document processed

Party + Fingerprint

Thu, 2nd Nov 2023 18:03:59 UTC Thu, 9th Nov 2023 13:48:38 UTC Thu, 9th Nov 2023 13:54:22 UTC Mon, 27th Nov 2023 7:26:42 UTC Mon, 27th Nov 2023 8:23:48 UTC

Mel Kendal - Signer (c0c7841770ba2f80b372934b802414a1) Andrew Ryde - Signer (8de53579ee38de0f4f6b726a99b852a9) Michaela Johns - Signer (2cb8fbc4667da2b435db7d4f78cfb4c5) Alison Taylor - Signer (2168818315b0b188397c648441b81982) Matthew Pickett - Signer (6dee7be4ab977c7b75370fcb3de39596)

Audit history log

Date

Action

Mon, 27th Nov 2023 8:23:49 UTC Mon, 27th Nov 2023 8:23:49 UTC Mon, 27th Nov 2023 8:23:49 UTC Mon, 27th Nov 2023 8:23:43 UTC Mon, 27th Nov 2023 7:26:43 UTC Mon, 27th Nov 2023 7:26:43 UTC

Mon, 27th Nov 2023 7:26:43 UTC

Mon, 27th Nov 2023 7:26:43 UTC Mon, 27th Nov 2023 7:25:37 UTC Thu, 23rd Nov 2023 10:01:04 UTC

Thu, 23rd Nov 2023 10:01:04 UTC Thu, 16th Nov 2023 10:00:07 UTC

Thu, 16th Nov 2023 10:00:05 UTC

Matthew Pickett viewed the envelope (172.187.204.106) This envelope has been signed by all parties (172.187.204.106) Matthew Pickett signed the envelope (172.187.204.106) Matthew Pickett viewed the envelope (172.187.204.106) Alison Taylor viewed the envelope (213.218.198.28) Document emailed to matthew.pickett@hwb-accountants.com (3.8.195.178)

Sent the envelope to Matthew Pickett (matthew.pickett@hwb-accountants.com) for signing (213.218.198.28) Alison Taylor signed the envelope (213.218.198.28) Alison Taylor viewed the envelope (213.218.198.28) Document emailed to alison.taylor@oakhavenhospice.co.uk (18.130.223.185)

Sent Alison Taylor a reminder to sign the document. () Document emailed to alison.taylor@oakhavenhospice.co.uk (13.43.121.169)

Sent Alison Taylor a reminder to sign the document. ()

Thu, 9th Nov 2023 13:54:23 UTC Thu, 9th Nov 2023 13:54:23 UTC

Thu, 9th Nov 2023 13:54:23 UTC

Thu, 9th Nov 2023 13:54:22 UTC Thu, 9th Nov 2023 13:54:10 UTC Thu, 9th Nov 2023 13:48:38 UTC Thu, 9th Nov 2023 13:48:38 UTC Thu, 9th Nov 2023 13:48:38 UTC

Thu, 9th Nov 2023 13:48:38 UTC Thu, 9th Nov 2023 13:48:15 UTC Thu, 9th Nov 2023 9:59:06 UTC

Thu, 9th Nov 2023 9:59:04 UTC Wed, 8th Nov 2023 14:15:02 UTC Wed, 8th Nov 2023 14:14:49 UTC Wed, 8th Nov 2023 14:14:49 UTC Wed, 8th Nov 2023 14:13:16 UTC Wed, 8th Nov 2023 14:12:59 UTC Wed, 8th Nov 2023 14:12:27 UTC Wed, 8th Nov 2023 14:12:13 UTC Wed, 8th Nov 2023 12:13:08 UTC Thu, 2nd Nov 2023 18:04:51 UTC Thu, 2nd Nov 2023 18:04:39 UTC Thu, 2nd Nov 2023 18:04:15 UTC Thu, 2nd Nov 2023 18:04:00 UTC Thu, 2nd Nov 2023 18:04:00 UTC Thu, 2nd Nov 2023 18:04:00 UTC

Thu, 2nd Nov 2023 18:03:59 UTC Thu, 2nd Nov 2023 18:03:00 UTC Thu, 2nd Nov 2023 18:02:28 UTC Thu, 2nd Nov 2023 11:41:41 UTC Thu, 2nd Nov 2023 11:39:14 UTC Thu, 2nd Nov 2023 11:39:12 UTC Thu, 2nd Nov 2023 11:36:26 UTC Thu, 2nd Nov 2023 11:35:47 UTC Thu, 2nd Nov 2023 11:33:06 UTC

Michaela Johns viewed the envelope (20.39.226.218) Document emailed to alison.taylor@oakhavenhospice.co.uk (18.132.68.220)

Sent the envelope to Alison Taylor (alison.taylor@oakhavenhospice.co.uk) for signing (20.39.226.218) Michaela Johns signed the envelope (20.39.226.218) Michaela Johns viewed the envelope (20.39.226.218) Andrew Ryde viewed the envelope (95.150.100.26) Document emailed to michaela.johns@hwb-accountants.com (3.8.194.79) Sent the envelope to Michaela Johns (michaela.johns@hwb-accountants.com) for signing (95.150.100.26) Andrew Ryde signed the envelope (95.150.100.26) Andrew Ryde viewed the envelope (95.150.100.26) Document emailed to andrew.ryde@oakhavenhospice.co.uk (35.178.195.95)

Sent Andrew Ryde a reminder to sign the document. () Mel Kendal opened the document email. (89.197.234.74) Mel Kendal opened the document email. (20.117.208.89) Mel Kendal opened the document email. (20.117.208.89) Mel Kendal opened the document email. (20.117.208.89) Mel Kendal opened the document email. (20.117.208.89) Mel Kendal opened the document email. (89.197.234.74) Mel Kendal opened the document email. (89.197.234.74) Mel Kendal opened the document email. (20.90.147.8) Mel Kendal viewed the envelope. (213.218.198.28)

Mel Kendal opened the document email. (213.218.198.28) Mel Kendal opened the document email. (213.218.198.28) Mel Kendal viewed the envelope. (213.218.198.28)

Document emailed to andrew.ryde@oakhavenhospice.co.uk (13.40.57.62) Sent the envelope to Andrew Ryde (andrew.ryde@oakhavenhospice.co.uk) for signing (213.218.198.28)

Mel Kendal signed the envelope (213.218.198.28) Mel Kendal viewed the envelope. (213.218.198.28) Mel Kendal opened the document email. (213.218.198.28) Mel Kendal opened the document email. (40.94.87.126) Mel Kendal opened the document email. (86.163.183.107) Mel Kendal opened the document email. (86.163.183.107) Mel Kendal viewed the envelope. (86.163.183.107) Mel Kendal opened the document email. (86.163.183.107) Mel Kendal opened the document email. (86.163.183.107)

Thu, 2nd Nov 2023 11:07:21 UTC Thu, 2nd Nov 2023 11:06:15 UTC Thu, 2nd Nov 2023 10:06:35 UTC Thu, 2nd Nov 2023 10:06:10 UTC

Thu, 2nd Nov 2023 9:58:30 UTC

Thu, 2nd Nov 2023 9:58:09 UTC Thu, 2nd Nov 2023 9:58:09 UTC Thu, 2nd Nov 2023 9:58:09 UTC Thu, 2nd Nov 2023 9:58:09 UTC Thu, 2nd Nov 2023 9:58:09 UTC Thu, 2nd Nov 2023 9:48:03 UTC

Thu, 2nd Nov 2023 9:47:59 UTC Thu, 2nd Nov 2023 9:45:41 UTC

Thu, 2nd Nov 2023 9:40:33 UTC

Mel Kendal opened the document email. (86.163.183.107) Mel Kendal opened the document email. (86.163.183.107) Document emailed to mel.kendal@outlook.com (13.40.78.204) Sent the envelope to Mel Kendal (mel.kendal@outlook.com) for signing (20.90.147.8)

Automatic reminders for this envelope have been set to occur every 7 days (20.90.147.8)

Matthew Pickett has been assigned to this envelope (20.90.147.8) Alison Taylor has been assigned to this envelope (20.90.147.8) Michaela Johns has been assigned to this envelope (20.90.147.8) Andrew Ryde has been assigned to this envelope (20.90.147.8) Mel Kendal has been assigned to this envelope (20.90.147.8) Document generated with fingerprint 4d5338368c8caaf28fee8fc0beb09c4b (20.90.147.8) Document generated with fingerprint

f0239a7868ea9bd376eb7048e057ee68 (20.90.147.8) Document generated with fingerprint 21d77955f050e135eafbc4133156ffd9 (20.90.147.8) Envelope generated by Accounts Department (20.90.147.8)