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2024-03-31-accounts

Registered number: 02681604 Charity number: 1008926

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1 - 2
Chairman's statement 3
Trustees' report 4 - 9
Trustees' responsibilities statement 10
Independent auditors' report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 37

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees Mrs K Callaghan4
Mrs T Lochery
Mr J Lodwick, Chairman1,2,3,4,5,6
Mr A Pooley1
Mr R Turnor2,5
Mrs L Wall1
Mrs G Kyle (appointed 18 October 2023)1
Mr T Marshall (appointed 18 October 2023)
1
Strategy Committee
2
Finance Committee
3
Information Governance Committee
4
Workforce and Wellbeing Committee
5
Friends Committee
6
Medical Advisory Committee
Company registered
number
02681604
Charity registered
number
1008926
Registered office
Malmesbury Road
Tetbury
Gloucestershire
GL8 8XB
Key Management
Personnel -
Executive team
The management of the Hospital is overseen by an executive team employed by
the Trust during the year.
This comprised as follows:
Mrs L Williams - Chief Executive
Mr M Rigby - Medical Director
Mrs S Probert - Matron
Mrs L Williams is the designated Accountable Officer, Care Quality Commission
Registered Manager and Senior Information Risk Owner. The executive team are
non-voting Board members.
Senior Leadership Team The senior leadership team employed by The Trust during the year comprised as
follows:
Mr R Hunt - Finance Lead
Mrs S J Jones - Head of Information, IT and Administration
Mrs N O’Hanlon- Estates and Facilities Lead
Mrs J Long- Lead Nurse Quality, Audit and Risk
Mrs L Franklin- Business Development Manager
Independent auditors
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

Page 1

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Bankers and Lloyds Bank Investment managers 14 Castle Street Cirencester Gloucestershire GL7 1QJ Evelyn Partners 45 Gresham Street London EC2V 7BG Solicitors Tanners Lancaster House Thomas Street Cirencester Gloucestershire GL7 2AX

Page 2

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

The chairman presents his statement for the year.

The hospital continues to be very busy after another record year of patient numbers across all departments. There was sustained demand throughout the year for both our elective care and our urgent care services. The Minor Injuries and Illness Unit (MIIU) has seen a sharp increase in patient attendances following its expansion, upgrade and extended opening hours. A total of 5,332 patients were treated during the year, an increase of 85%, fully justifying the capital investment made in the refurbishment.

Patient numbers for elective surgical procedures also continued at high levels with 2,432 surgical procedures carried out in our two operating theatres. Wait times are typically lower at Tetbury than in neighbouring NHS trusts which is obviously attractive to patients. The experience of our patients after they have chosen Tetbury is at the heart of everything that we do. This year we significantly enhanced the front entrances of the hospital by building the covered walkway which enables patients, visitors and carers to move safely between departments. I am pleased to report that the year to March 31st 2024, can be judged a success in all aspects of our operations. Hospital income was a record £6,970,099 and a Total Surplus of £932,616 was recorded. Financial reserves are strong. The Board of Trustees has approved an ambitious capital expenditure plan in the budget for the year to March 2025, which will be a year of further investment in our building, facilities, equipment and IT. As a consequence of this, the forecast net surplus for the year to March 2025 will be lower but we expect our activity levels to be broadly similar to this year.

I will be retiring as Chair of Trustees at the AGM this year and my thanks go out to so many individuals who make unstinting efforts to keep our services operating so smoothly. Our leadership team, the clinical and administrative teams, volunteers, the Committee of the Friends and the Board of Trustees all play a vital role in the delivery of our services. I could not have done this without you.

Mr J Lodwick Chair of Trustees Date: 15 August 2024

Page 3

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees, who are also directors for the purposes of company law, present their annual directors’ report together with the financial statements of the company for the year ended 31 March 2024 which are also prepared to meet the requirements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. AIMS, OBJECTIVES AND ACTIVITIES

When reviewing the Trust's aims and objectives the Trustees have considered the Charity Commission’s general guidance on public benefit.

The Trust’s objectives are to provide integrated, seamless healthcare for the people and local communities that is safe, effective, and centred around the patient.

Most services provided by the Hospital are free of charge to patients with over 92% of patient attendances being NHS funded. The Trust owns and runs Tetbury Hospital with a mission to preserve and develop, wherever possible, healthcare services for the benefit of the local community and surrounding areas.

During the year, the Hospital offered the following services:

To provide these services, the Trust employs a range of employees skilled in management and administration as well as medical and nursing colleagues. At all times these employees work within the NHS Charter, Care Quality Commission (CQC) standards and the Competition and Markets Authority (CMA) private healthcare market investigation order with the aim of providing the best in care throughout the Hospital.

Page 4

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Main achievements

The year under review has seen a sustained demand for our urgent and elective care services. The Minor Injury and Illness Unit (MIIU) has seen a steep increase in patient attendances following the refurbishment of the unit and extended opening hours. The MIIU treated a total of 5,332 patients between April 2023 and March 2024 which is an increase of 2,449 patients on the previous year or equivalent to an 85% increase.

Patient numbers for elective surgical procedures continues to show the high level of demand seen in 2022-23. From April 2023 to March 2024, the Day Surgical Unit treated 2,432 patients. Waiting times for elective procedures continue to be lower than neighbouring NHS trusts enabling patients to access timely diagnosis and treatment.

As a valued partner of Gloucestershire and BSW (Bath, North-East Somerset, Swindon & Wiltshire) integrated care systems, we look to the future with confidence. We have built strong foundations, both reputationally and financially. These achievements are testimony to the commitment and hard work of our teams centred around delivering exceptional patient care.

Considering the experience of our patients is at the heart of everything we do. This year the Trust successfully completed an ambitious capital programme to provide a covered walkway between our Minor Injury and Illness Unit and main hospital. This enables patients and visitors to transfer safely between hospital departments making our site accessible to everyone that needs to use it.

This year we will publish the Trust’s 5-year strategy which sets out the ways in which we will continue to strengthen our infrastructure, develop our workforce, and embed a culture of improvement across the organisation. It details how we will make the best use of our resources to continue providing care closer to home for the communities we serve.

b. Principal funding sources

The principal funding source for the Trust during the year was from the treatment of NHS patients at the Hospital. Fees are charged by the Hospital to appropriate Integrated Care Boards (ICB’s), with most of the income arising from Gloucestershire ICB.

Patient analysis continues to show that the majority of patient attendances continue to be NHS patients coming for NHS treatments, with 92.5% of the total patients NHS compared to 7.5% private. The income achieved from private patients was 22% of total hospital income. No NHS activity is turned away because of a lack of capacity resulting from private patient activity. Private patient practice makes a significant contribution to the funding of our other hospital services and is critical to maintaining NHS service provision. The Board is satisfied that it is in the interests of our patient community to continue to provide both NHS and private services.

In addition, the Hospital continues to raise funds from alternative sources. Other funding sources include investment income, donations and legacies, rental income from the sub-letting of surplus space and fundraising contributions from events organised by The Friends of Tetbury Hospital. The Friends of Tetbury Hospital, through regular fundraising events, make a valuable contribution to funds and the Trustees are very grateful for their continued support.

Page 5

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (CONTINUED)

c. Investment policy

The powers to invest surplus funds are set out in the Memorandum of Association and include the power 'to invest the monies of the Trust not immediately required for its own purposes in or upon such investments, securities or property as may be thought fit.' The Trustees have invested the Trust's permanent endowment funds in a cautious medium term investment portfolio advised and administered by Evelyn Partners, a leading private client and charity investment adviser.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

Tetbury Hospital holds permanent endowment funds which were created from the proceeds of a public appeal in 1992 to ensure that the Hospital would remain financially sound and be preserved for generations to come. The funds must be permanently held by the Trust while income arising on it must be used by the Trust to operate the Hospital. Any capital gains or losses arising on the investments form part of the funds. At the end of the year the Trust held endowment funds of £768,343. This is in addition to the free reserves referred to below.

The Trust's unrestricted reserves, defined as funds which are available to be spent at the discretion of the Trustees in furtherance of the Trust's objects, are derived from the Trust’s charitable and trading activities or from legacies and donations to the Trust which hold no donor restriction upon them as to their use.

The Trustees review the level of reserves held by the Trust on a regular basis which is at least annually. The Trustees currently consider it prudent to hold unrestricted reserves of between two and four months equivalent of the Trust's annual costs, net of depreciation, on the basis that this would provide sufficient protection in the event of a sudden and unforeseen fall in the hospital's income.

The remaining funds amount to £4,052,714 which represent the unrestricted reserves of the Trust. The bulk of these reserves relate to fixed assets and do not form part of the free reserves. The remaining free reserves balance was £2,213,967, which is equal to approximately four months of the Trust’s annual cost. The free reserves held by the Trust at the year-end are therefore within the policy set by the Board.

Further details relating to the Trust’s funds, including an analysis of the net assets between the funds, can be found in notes 18 and 19.

Page 6

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

a. Constitution

Tetbury Hospital Trust Limited 'The Trust' is a charitable company limited by guarantee, incorporated on 28 January 1992, and registered as a charity on 27 February 1992. 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 dated 28 January 1992 and amended by special resolutions dated 13 October 1997, 2 April 2003, 14 November 2011, and 31 January 2017.

The subscribers to the Memorandum of Association of the Trust and such other persons as are admitted to membership, in accordance with the Articles, are Members of the Trust. The Members may, at their absolute discretion, decline to accept any individual co-opted as a Trustee by the existing Board and need not give reasons for so doing. The Board of Trustees may, at its discretion, levy subscriptions on all Members of the Trust at such rates as it shall determine. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

b. Methods of appointment or election of Trustees

Trustees are appointed by ordinary resolution of the Members in a general meeting. Trustees may also be coopted by the Board, to fill a vacancy, which is then ratified by the Members.

Under the requirements of the Memorandum and Articles of Association one third of the Trustees must retire by rotation and may be re-elected at each Annual General Meeting.

The Trust's work involves operating in partnership with General Practitioners, Integrated Care Boards (ICB) , privately owned companies, other third sector organisations and NHS Trusts to provide Health Services to the local community. The Board of Trustees seek to ensure that the needs arising from this are appropriately reflected through a diversity of skills amongst the Trustees.

Traditional business skills, as well as medical expertise, are represented on the Board. To maintain this broad skill mix, Trustees are requested to provide a list of their skills and in the event of particular skills being lost due to retirement, individuals with the appropriate skills are invited to offer themselves for election to the Board.

c. Organisational structure and decision-making policies

The Trustees, who must not be less than three and must not be more than eleven in number, are responsible for the administration of the Trust. The Board meets on a regular basis to review the operation of the Hospital and to determine the policies and strategy of the Trust. There are selected sub-committees, who also meet regularly throughout the year to assist the Trustees and the Chief Executive to run the Trust effectively and safely. These committees report to the Board and concentrate on clinical and commercial risk, audit, strategy, and finance.

The Chief Executive is appointed by the Trustees and is responsible for managing all aspects of the Trust's affairs. The Chief Executive carries out this function with the assistance of the Executive Team and the Senior Leadership team. The Executive Team sit on the Board and, on behalf of the Trustees, oversee the safe running of the Hospital. The Executive Team consists of the Chief Executive, the Medical Director, and the Matron, they are not Trustees and they do not hold voting rights. The Senior Leadership Team includes Lead Nurse for Quality & Risk, Information Governance Lead, Finance Lead, Estates and Facilities Lead and the Business Development Manager.

The Friends of Tetbury Hospital, as the fundraising arm of the Trust, organise various fundraising events during the year.

The Chief Executive attends all committees.

Page 7

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (CONTINUED)

d. Policies adopted for the induction and training of Trustees

Existing Trustees are already familiar with the practical work of the Trust. New Trustees are fully briefed by the Chairman and the Chief Executive and are given a guided tour of the Hospital by the Chief Executive. They are also provided with relevant Charity Commission and Care Quality Commission publications. All trustees receive relevant on-line NHS training.

When considered necessary, or relevant, the Trustees take professional advice from either the Trust's Solicitors or Auditors.

e. Pay policy for key management personnel

The Trustees consider that the Board of Trustees, the Executive Team, and the Senior Leadership Team comprise the Key Management personnel of the Trust in charge of directing and controlling, running and operating the Hospital on a day-to-day basis. All Trustees give their time freely and no Trustee received remuneration or other benefit from their work in the year. Details of Trustees’ expenses are disclosed in note 11 to the accounts.

The pay for the Executive and Senior Leadership Team is reviewed by the Board of Trustees annually in the light of pay for comparable roles in similar organisations and the performance of the individual.

Although not obligated to conform to NHS pay scales, these are considered and used as a benchmark during the annual pay review. NHS pay scales are generally adjusted on an annual basis to account for increases in the cost of living. To make employment by the Trust more attractive to present and future staff in a very competitive market, a staff bonus scheme was run in the year to 31 March 2024 and the accounts for this year include a provisional bonus accrual of £86,219 which will be shared by all staff on the hospital payscale on a pro-rata basis.

f. Related parties

In so far as it is complementary to the Trust’s objectives, the Trust is guided by both local and national policy. The Trust has dealings with several Integrated Care Boards (ICB) and works closely with GPs in the area. The ICBs monitor the Hospital’s performance through reports on agreed quality standards which the Trust reports on at regular intervals. Any connection between the Trust’s Key Management and these, or any other connected organisations, must be fully disclosed to the Board of Trustees.

The Trust must comply with the Health and Social Care Act. Its compliance to the regulations is monitored and audited internally, and externally by the Care Quality Commission.

Page 8

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (CONTINUED)

g. Risk management

The Trustees have appraised the risks to which the Trust is exposed with a view to establishing, where necessary, various systems to avoid unnecessary exposure and to ensure that where such exposure is unavoidable, adequate control measures are in place to manage the risks within acceptable parameters. The Trust works with several external specialists to mitigate risks. The Trust has business continuity plans in place, as well as a major incident plan.

Each department in the Hospital holds a risk register. Risks are reviewed monthly and are reported by departmental managers. These are monitored by the Hospital Quality Committee. The Hospital Quality Committee is chaired by the Chief Executive and reports to the Medical Advisory Committee. Any changes to the risk register are reported to the Board.

The Chief Executive, Finance Lead, Lead Nurse Quality, Audit and Risk, Senior Analytics & IT officer and Matron meet with our commissioners regularly to discuss, negotiate, and monitor quality standards and income values against agreed contract quality standards and agreed indicative contract income targets.

Internal control risks are minimised by the implementation of procedures to ensure the compliance of staff, volunteers, patients and visitors with health and safety regulations.

The Trust has policies in place which staff are made aware of and follow to ensure that potential risks are reported. These include but are not limited to: Health and Safety Policy, Whistleblowing Policy, Incident Reporting Policy (including serious incident reporting processes), Safeguarding Children Policy, Safeguarding Vulnerable Adults Policy, Duty of Candour Policy and Complaints Policy. The Trust has also appointed one of the Trustees, Kathy Callaghan, as a ‘Freedom to speak up Guardian’.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office and their reappointment will beproposed at the Annual General Meeting.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr J Lodwick

Chair of Trustees Date: 15 August 2024

Page 9

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Mr J Lodwick Chair of Trustees Date: 15 August 2024

Page 10

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETBURY HOSPITAL TRUST LIMITED

OPINION

We have audited the financial statements of Tetbury Hospital Trust Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

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

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

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

OTHER INFORMATION

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, 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.

Page 11

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETBURY HOSPITAL TRUST LIMITED (CONTINUED)

OPINION 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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

RESPONSIBILITIES OF 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 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETBURY HOSPITAL TRUST LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019 and FRS 102. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

Our procedures to respond to risks identified included the following:

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected

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TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETBURY HOSPITAL TRUST LIMITED (CONTINUED)

in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur because of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

USE OF OUR REPORT

This report is made solely to the charitable company's 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 charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Chris Trantham FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 16 August 2024

Page 14

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Investments
5
Income from other
trading activities
Rental income
6
Total income and
endowments
Expenditure on:
Raising funds:
Investment fees
Charitable activities
7
Total expenditure
Net (expenditure)/
income before net
losses on
investments
Net gains/(losses) on
investments
Net (expenditure)/
income
Transfers between
funds
18
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2024
£
-
-
-
-
-
252
3,000
3,252
(3,252)
40,999
37,747
3,000
40,747
727,596
40,747
768,343		 Restricted
funds
2024
£
10,065
-
-
-
10,065
-
10,065
10,065
-
-
-
-
-
-
-
-		 Unrestricted
funds
2024
£
119,702
6,710,063
23,957
65,562
6,919,284
-
6,024,415
6,024,415
894,869
-
894,869
(3,000)
891,869
3,160,845
891,869
4,052,714		 Total
funds
2024
£
129,767
6,710,063
23,957
65,562
6,929,349
252
6,037,480
6,037,732
891,617
40,999
932,616
-
932,616
3,888,441
932,616
4,821,057		 Total
funds
2023
£
97,579
5,325,437
3,739
70,746
5,497,501
3,444
5,051,450
5,054,894
442,607
(52,701)
389,906
-
389,906
3,498,535
389,906
3,888,441

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 37 form part of these financial statements.

Page 15

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02681604

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets		 105,000
691,642
2,070,320
2,866,962
(897,766)		 2024
£
2,225,346
626,515
2,851,861
1,969,196
4,821,057
4,821,057
4,821,057		 116,000
776,062
1,131,531
2,023,593
(693,730)		 2023
£
1,996,131
562,447
2,558,578
1,329,863
3,888,441
3,888,441
3,888,441

Page 16

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02681604

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

Note
Charity funds
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 2024
£
768,343
-
4,052,714
4,821,057		 2023
£
727,596
-
3,160,845
3,888,441

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr J Lodwick Chair of Trustees Date: 15 August 2024

The notes on pages 19 to 37 form part of these financial statements.

Page 17

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Investment income received
Interest received
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Investment manager fees withdrawn from portfolio
Dividend income rolled into investment portfolio
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
1,327,576
2,557
21,400
(410,439)
(386,482)
252
(2,557)
(2,305)
938,789
1,131,531
2,070,320		 2023
£
277,968
1,442
2,297
(327,601)
(323,862)
3,444
(1,442)
2,002
(43,892)
1,175,423
1,131,531

The notes on pages 19 to 37 form part of these financial statements

Page 18

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

Tetbury Hospital Trust Limited is a company limited by guarantee and a charity, registered at the Charity Commission in England and Wales. The principal office is Malmesbury Road, Tetbury, Gloucestershire, GL8 8XB.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Tetbury Hospital Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 GOING CONCERN

As anticipated, the Hospital’s increased level of activity and further increases in the services available resulted in the Hospital achieving positive results in the year under review. Budgets have been prepared and reviewed by the Trustees for the 2024/25 year ahead which, despite some significant spends on repairs and capital additions, show a positive out-turn with nothing of concern being anticipated that would jeopardise the Trust’s status as a going concern. The Trustees consider that the current reserves of the Trust to be robust and this will continue to protect the long-term viability of the Trust. As such, the Trustees believe that the Hospital's financial statements should be prepared on a going concern basis.

Page 19

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

2.3 INCOME

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income received in advance in relation to the letting of rooms or other specific service is deferred until the criteria for income recognition are met.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Donations and gifts, including those arising from fund raising events and appeals, are recognised when received. When donations are received in accordance with gift aid provisions the gross amount is recognised and the taxation recoverable included under debtors until received. When donations are made to the Hospital for a specific purpose, the donation is recorded as restricted income and when a donation relates to the purchase of a specific capital asset these funds are transferred to unrestricted funds after the asset has been purchased on the basis that the Trust has fulfilled its obligation once the asset has been purchased.

Donated equipment for use in the Hospital is included in incoming resources and fixed assets when the benefit to the Trust is reasonably quantifiable and measurable.

Donated professional services are recognised on the basis of the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain that service on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

No amounts are included in the financial statements for the services donated by volunteers.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 20

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

2.4 EXPENDITURE (CONTINUED)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Freehold property - 2% straight line
Fixtures and fittings - 10% - 33% straight line
Other fixed assets - 10% - 50% straight line

2.7 INVESTMENTS

Investments are stated at market value at the balance sheet date. Unrealised gains and losses arising on revaluation are allocated to the permanent endowment fund. Investment income generated is recognised when receivable. Gains and losses arising on the disposal of investments are calculated on the carrying market value of the investments brought forward. Unrealised gains and losses arising on revaluation are recognised in the statement of financial activities. Investment income generated by the endowment fund is unrestricted.

2.8 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 DEBTORS

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

Page 21

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

2.10 CASH AT BANK AND IN HAND

Cash at bank and 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.

2.11 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 FINANCIAL INSTRUMENTS

The Company 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.

Page 22

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

2.13 PENSIONS

The Trust makes contributions into two separate pension schemes.

One scheme is the NHS defined benefits pension scheme and contributions are made for all eligible employees who choose to opt into the scheme. The assets of the scheme are held separately from those of the Trust. The annual contributions payable is charged to the statement of financial activities.

The NHS Pension Scheme is a multi-employer defined benefit scheme administered for the benefit of NHS staff, practitioners and practice and approved employer staff. Past and present employees are covered by the provisions of the NHS Pension Scheme. Members of the Scheme accrue an index linked pension based on either their final salary or reckonable pay per year of membership, depending upon the section of the Scheme to which they belong. Additional benefits include a lump sum on retirement, continued (reduced) pensions for a spouse on the death of the member and benefits for dependents on death or permanent incapacity in service. The Trust are unable to confirm the Trust’s share of the underlying assets and liabilities of the NHS Pension Scheme and, therefore, the Scheme is accounted for as a defined contribution scheme.

The NHS Pension Scheme provides that in the event that a single employer has individuals contributing to the Scheme then any remaining liability for benefits payable under the Scheme falls on that employer. Since the main participating employers are NHS Trusts, the Trustees consider it highly improbable that such a liability will ever fall to the Trust. The most recent 2016 scheme valuation identified the need to increase the employer contributions from 14.3% to 20.6% from 1 April 2019. Employers are also required to pay a scheme administration levy of 0.08% of pensionable pay, bringing the total contribution due from employers to 20.68%. For the 2019-20 and 2020-21 scheme years, employers were responsible for paying 14.38% of contributions, with the remaining 6.3% being funded centrally. Although it was widely anticipated that there would be a reduction in the centrally funded contribution, no such adjustment has been made and it has been confirmed that this transitional arrangement will continue in 2023-24 as well. The Trust made employer’s contributions of £115,973 in the year (2023: £81,995). The Trustees are satisfied that the ongoing employer’s contributions can be budgeted for without detriment to the Trust’s ongoing activities.

Under the terms of auto enrolment, the Trust also makes contributions into a defined contribution scheme for all qualifying staff. This scheme is operated for all qualifying staff who choose to opt into the scheme. The employer’s contribution rate varies between 2% and 8%.

The total pension contributions made by the Trust in the year amounted to £140,484 (2023: £103,567).

Page 23

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

2.14 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Tetbury Hospital permanent endowment fund was created from the proceeds of a public appeal in 1992/3 to save Tetbury Hospital from closure by the Gloucestershire Health Authority. To ensure that the Hospital remained financially sound, and be preserved for generations to come, the fund must be permanently held by the Trust while income arising is treated as unrestricted and used in furtherance of the Hospital’s objects. Any capital gains or losses arising on the investments forms part of the endowment fund.

3. INCOME FROM DONATIONS AND LEGACIES

Donations
Legacies
TOTAL 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
10,065
79,702
-
40,000
10,065
119,702
39,334
58,245		 Total
funds
2024
£
89,767
40,000
129,767
97,579		 Total
funds
2023
£
91,063
6,516
97,579

Page 24

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. INCOME FROM CHARITABLE ACTIVITIES

Outpatients
Day surgery
Minor injuries
TOTAL 2023
5.
INVESTMENT INCOME

Bank interest receivable
Investment income received
TOTAL 2023
6.
RENTAL INCOME

Rents from subletting
TOTAL 2023		 Unrestricted
funds
2024
£
1,650,235
4,554,933
504,895
6,710,063
5,325,437
Unrestricted
funds
2024
£
21,400
2,557
23,957
3,739
Unrestricted
funds
2024
£
65,562
70,746		 Total
funds
2024
£
1,650,235
4,554,933
504,895
6,710,063
5,325,437
Total
funds
2024
£
21,400
2,557
23,957
3,739
Total
funds
2024
£
65,562
70,746		 Total
funds
2023
£
1,650,839
3,413,003
261,595
5,325,437
Total
funds
2023
£
2,297
1,442
3,739
Total
funds
2023
£
70,746

Page 25

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Minor injuries
Outpatients
Day surgery
Subletting
TOTAL 2023		 Endowment
funds
2024
£
3,000
-
-
-
3,000
3,000		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
10,065
539,443
-
1,608,035
-
3,832,956
-
43,981
10,065
6,024,415
40,434
5,008,016		 Total
2024
£
552,508
1,608,035
3,832,956
43,981
6,037,480
5,051,450		 Total
2023
£
352,436
1,498,358
3,164,801
35,855
5,051,450

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Minor injuries
Outpatients
Day surgery
Subletting
TOTAL 2023		 Activities
undertaken
directly
2024
£
247,198
947,875
2,774,571
-
3,969,644
3,209,434		 Support
costs
2024
£
305,310
660,160
1,058,385
43,981
2,067,836
1,842,016		 Total
funds
2024
£
552,508
1,608,035
3,832,956
43,981
6,037,480
5,051,450		 Total
funds
2023
£
352,436
1,498,358
3,164,801
35,855
5,051,450

9. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 12,500 11,820

Page 26

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
2,039,125
185,435
140,484
2,365,044		 2023
£
1,729,149
159,629
103,567
1,992,345

The average number of persons employed by the Company during the year was as follows:

Average number of employees
The average headcount expressed as full-time equivalents was:
Number of employed consultants and nursing staff
Number of management, administrative and estate support		 2024
No.
75
2024
No.
22
27
49		 2023
No.
83
2023
No.
21
22
43

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £80,001 - £90,000 - 1
In the band £100,001 - £110,000 1 -
In the band £200,000 - £210,000 1 -
In the band £220,000 - £230,000 - 1

The key management personnel of the Trust, as previously stated in the Trustees’ Report, comprise of the Trustees, the Executive Team and Senior Leadership Team. The total remuneration of the key management personnel of the Trust was £377,019 (2023: £333,060).

11. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, expenses totalling £NIL were reimbursed or paid directly to Trustee (2023 - £60).

Page 27

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
2,558,647
282,307
-
2,840,954
1,041,586
68,503
-
1,110,089
1,730,865
1,517,061		 Fixtures and
fittings
£
502,168
91,168
-
593,336
405,764
24,313
-
430,077
163,259
96,404		 Other fixed
assets
£
1,495,238
36,963
(3,888)
1,528,313
1,112,572
88,408
(3,889)
1,197,091
331,222
382,666		 Total
£
4,556,053
410,438
(3,888)
4,962,603
2,559,922
181,224
(3,889)
2,737,257
2,225,346
1,996,131

Page 28

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 April 2023
Interest reinvested
Dividend income received rolled into portfolio
Realised/unrealised losses in the year
Investment management fees withdrawn
AT 31 MARCH 2024
NET BOOK VALUE
AT 31 MARCH 2024
AT 31 MARCH 2023		 Unlisted
investments
£
562,447
20,764
2,557
40,999
(252)
626,515
626,515
562,447

The historic cost for the year ended 31 March 2024 is £587,894 (2023:£551,971).

From the year ended 31 March 2021, the Board decided to re-invest the previously liquidated funds into a new investment portfolio once they felt stability had been regained. The annual £3,000 transfer from unrestricted funds to endowment funds to cover the depreciation charge relating to a fixed asset held in endowment funds is currently held in cash in respect of 2020/21, 2021/22 and 2022/23 years. This amounts to a combined total of £9,000 which now forms part of the net current assets held by the endowment funds at the end of the year (see note 19).

The income received by the endowment portfolio is unrestricted income and since the funds have been re-invested, the income totalling £2,557 (2023: £7,232) has been rolled back into the investment portfolio. This income belongs to unrestricted funds and, therefore, the unrestricted funds now hold part of the investment portfolio (see note 19).

14. STOCKS

2024 2023
£ £
Finished goods and goods for resale 105,000 116,000

Page 29

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other taxation and social security
Accruals and deferred income
FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
Financial assets measured at fair value through income and expenditure
Financial assets measured at amortised cost
FINANCIAL LIABILITIES
Financial liabilities measured at amortised cost		 2024
£
230,807
460,835
691,642
2024
£
511,649
46,920
339,197
897,766
2024
£
2,070,320
230,844
2,301,164
2024
£
828,013		 2023
£
273,765
502,297
776,062
2023
£
433,713
40,650
219,367
693,730
2023
£
1,131,531
273,765
1,405,296
2023
£
632,544

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17. FINANCIAL INSTRUMENTS

Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.

Financial assets measured at amortised cost comprise trade debtors.

Financial liabilties measured at amortised cost comprise trade creditors and accruals.

Page 30

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED
FUNDS
Fixed asset
designated fund
Deferred
expenditure
designated fund
General Funds		 Balance at 1
April 2023
£
1,838,747
350,000
972,098
3,160,845		 Income
£
-
-
6,919,284
6,919,284		 Expenditure
£
-
(350,000)
(5,674,415)
(6,024,415)		 Transfers
in/out
£
-
-
(3,000)
(3,000)		 Gains/
(Losses)
£
-
-
-
-		 Balance at
31 March
2024
£
1,838,747
-
2,213,967
4,052,714

The Fixed Asset designated fund represents the fixed assets of the Trust, except for the freehold land and buildings held by the endowment funds.

The Deferred Expenditure designated fund represents some of the larger items of expenditure planned for the future. The balance brought forward on 1 April 2023 was fully spent in the financial year mainly on capital works.

ENDOWMENT FUNDS

ENDOWMENT
FUNDS
Permanent
Endowment
funds 727,596 - (3,252) 3,000 40,999 768,343

The Tetbury Hospital permanent endowment funds were created from the proceeds of a public appeal in 1992 to ensure that the Hospital would remain financially sound and be preserved for generations to come. The funds must be permanently held by the Trust while income arising belong to the unrestricted funds of the Trust to support the day to day activities of the Hospital. Any capital gains or losses arising on the investments form part of the funds.

In 2004 the Trust utilised part of the permanent endowment funds to purchase the freehold land and buildings. The total purchase cost of this freehold land and buildings amounted to £229,185. Of this cost, £80,000 related to freehold land and the remaining £149,185 related to freehold buildings. The freehold buildings are depreciated on a straight-line basis over a period of 50 years which amounts to an annual charge of £3,000. The Trustees have agreed that the same sum of money will be transferred, each year, from unrestricted funds to endowment funds to fairly adjust for the reduction in the value of the freehold building held by the endowment funds.

Page 31

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18.
STATEMENT OF
RESTRICTED
FUNDS
Donations for
Walkway
TOTAL OF
FUNDS		 FUNDS (CONTINUED)
Balance at 1
April 2023
£
Income
£
-
10,065
3,888,441
6,929,349		 Expenditure
£
(10,065)
(6,037,732)		 Transfers
in/out
£
-
-		 Gains/
(Losses)
£
-
40,999		 Balance at
31 March
2024
£
-
Balance at 1
April 2023
£
-
3,888,441
4,821,057

Page 32

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
Fixed asset
designated
fund
Deferred
expenditure
designated
fund
General Funds
ENDOWMENT
FUNDS
Permanent
Endowment
funds		 Balance at
1 April 2022
£
1,651,948
250,000
811,746
2,713,694
Balance at
1 April 2022
£
783,741		 Income
£
-
-
5,458,167
5,458,167
Income
£
-		 Expenditure
£
-
-
(5,008,016)
(5,008,016)
Expenditure
£
(6,444)		 Transfers
in/out
£
186,799
100,000
(289,799)
(3,000)
Transfers
in/out
£
3,000		 Gains/
(Losses)
£
-
-
-
-
Gains/
(Losses)
£
(52,701)		 Balance at
31 March
2023
£
1,838,747
350,000
972,098
3,160,845
Balance at
31 March
2023
£
727,596

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TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED
FUNDS
Coventry
Building
Society
Ironman
Challenge
(Microscope)
Charity Walk
(MIIU)
Restricted
donations
TOTAL OF
FUNDS		 Balance at
1 April 2022
£
1,100
-
-
-
1,100
3,498,535		 Income
£
-
3,865
11,251
24,218
39,334
5,497,501		 Expenditure
£
(1,100)
(3,865)
(11,251)
(24,218)
(40,434)
(5,054,894)		 Transfers
in/out
£
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
(52,701)		 Balance at
31 March
2023
£
-
-
-
-
-
3,888,441

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TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
TOTAL		 Endowment
funds
2024
Unrestricted
funds
2024
£
£
154,385
2,070,961
613,958
12,557
-
2,866,962
-
(897,766)
768,343
4,052,714		 Total
funds
2024
£
2,225,346
626,515
2,866,962
(897,766)
4,821,057

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
TOTAL		 Endowment
funds
2023
£
157,385
555,215
14,996
-
727,596		 Unrestricted
funds
2023
£
1,838,746
7,232
2,008,597
(693,730)
3,160,845		 Total
funds
2023
£
1,996,131
562,447
2,023,593
(693,730)
3,888,441

Page 35

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Investment income
Depreciation
Bank interest receivable
(Gain)/Loss on investments
(Increase)/decrease in debtors
Decrease/(increase) in stock
Increase/(decrease) in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES
21.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
22.
ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2023
£
Cash at bank and in hand
1,131,531
1,131,531		 FROM OPERATING
2024
2023
£
£
932,616
389,906
(2,557)
(1,442)
181,224
143,803
(21,400)
(2,297)
(61,763)
52,701
84,383
(194,119)
11,000
(39,500)
204,073
(71,084)
1,327,576
277,968
2024
2023
£
£
2,070,320
1,131,531
2,070,320
1,131,531
Cash flows
At 31 March
2024
£
£
938,789
2,070,320
938,789
2,070,320

Page 36

TETBURY HOSPITAL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. OPERATING LEASE COMMITMENTS

At 31 March 2024 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
3,302
1,865
5,167		 2023
£
3,302
3,251
6,553

Page 37