Charity No: 1067608 Company No- 03420143 NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS Contents Charity information Report of the Trustees indepena'ent Auditor's Report 8-10 Slatement of Financial Activities 11 Balan Sheet 12 Statement of Cash Flows 13 Notes to the FinanGlal Statements 14-22
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) CHARITY INFORMATION PRINCIPAL OFFICE: West Berkshire Community Hospital Rooke's Way Benham Hill Thatcham Berkshire RG18 3AD REGISTERED OFFICE: 5th Floor R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ ADVISERS: Bankers Bar¢lays Bank plc One Churchill Placè London E14 5HP Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW Newbury Building Society 17 Bartholomew Street Newbury RG14 SLY Sollcltors Bevan Brittan 35 Colston Avenue Bristol BS14 Audltors UHY Ross Brooke Suite I Windrush Court Abingdon Business Park Abingdon OX14 1SY Page 1
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMrrED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Board of Directors, who are the Charity Trustees for the purposes of the Charities A¢t 2011, present their Annual Report for the year ended 30 September 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audlted financial statements for the year. The Board confirms that the latter comply wilh the requirements of the Companies Act 2006, the Company's Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practise applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective 1 January 2019) (Charitles SORP IFRS102)}- OBJECTIVES AND ACTIVITIES The object of the Charity, in accordan¢e with the Articles of Associalion, is the relief of sickness in the Gommunity. The Charity aims to help Ihe community of Newbury and Thatcham and the wider area especially, but not exclusively, by the provislon and servicing of hospital buildings, facilities and equlpment for the treatment of people referred for hospitsl treatment at the West Berkshire Community Hospital. In order to fulfil this purpose, the Charity is. inter alia, authorised to receive donations, subscriptions and other assets in accordance with its objectives and to apply these funds solely towards the promotion of its objectives. The Trustees confirm that they have Complied with the duty in Section 17 {5) of the Charities Act 2011. to have due regard to the guidance issued by the Charity Commission on public benefit. The Trustees, objective for the year was to continue to provide first Class accommodation to meet the strategic aims of the Charity. Additionally to improve patient care by the provisSon of equipment and improvements to facilities where the ¢apital costs cannot be met by Berkshire Healthcare NHS Foundation Trust (BHFT) but where BHFT is able to meet revenue costs associated with the asset. The Trustees select Facilities Management service companies who are able to provide this service and who are familiar with the requlrements of hospitals. The Trustees s¢rutinise the performance of the Fa¢ilities Management Company to ensure performance at the highest level is maintsined. The Trustees engage an outsourced finance and administration team to run the financial requirements associated with its activities. ACHIEVEMENTS AND PERFORMANCE The Board's main focus this year was continuing the support given to the West Berkshlre Community Hospital in various ways. We installed an awning on the High¢lere ward balcony. We installed an awning on the Rainbow rooms balcony. Work ¢ontlnued on considering Improvements to the car parking at the hospital. The Ilfecycle fund covered remediation works to the fire doors. togelher with resurfacing of the car park and replacement of fire alarm system devices. It also covered a major refresh of the theatres lighting system. Page 2
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENTS AND PERFORMANCE {continued} Last year we said we would:. Contlnue to monitor the building of the new MRI unit at the hospital. -This is still progressing, albeit very slowly. The original commercSal ¢onlractor lo the Royal Berkshire Foundation Hospital pulled out of the contract and a new contractor was sought by the hospital. AS a result new plans had to be drawn up and this is on-going. Complete any car park works agreed as a result of the car park SUNey. This has been delayed by the decarbonisation project initiated by Berkshire Healthcare Foundation I rust. Until decisions have been made on locations for plants for this, the car park works are unable to progress. Consider providing work needed to enable the installation of mammogram and dexascanner equipment. This progressed rapidly over late Spring and commenced in early Autumn. The 5nltlal work was done in September and the turnkey installation was completed in OctoberlNovember 2024. The equipment was provided by the Government via their funding for diagnostic hubs. Th.e League of Friends provided the funding for the dexascanner. We are grateful to a charitable trust who provided a donation to cover this building work. Support Bellrock in undertaking a survey of the hospital rendering and facilitste any repairs. This was ongoing over the year. Afler contscting the original manufacturer of the render, a Consultant recommended by them was engaged to conduct a further survey of the render and this was Gompleted after the year end. The work required is less than origlnally anticipated and 1$ being planned in over the next couple of years. It wlll be funded from the lifecycle fund. Consider any reasonable approaches from Berkshlre Healthcare Foundation Trust for assistsn¢e to improve patient experience. No requests received other than noted above. The trustees will still Consider any items requested. FINANCIAL REVIEW Funding from BHFT continued to be received durlng the year In line with the financial model for the operation of the non-medical functlons of the hospital. The expenditure for the year was made in a¢¢ordan¢e with the same model to provide the hospital facilities and the additional projects as above. RESERVES POLICY The Trustees consider that they need to keep sufficient funding avallable to overcome any given emergency wilh the hospital buildlngs and to provide operational costs in the case of failure of the Facilities Management Company. They also hold funds to develop the hospital if there is an appropriate medi¢al requirement that BHFT is unable or unwilling to fund. The Trust has entered into a long-term ¢ontract spanning some 30 years of which it is only part of the way through. The Trust requires substantial reserves in order to manage the risks associated with short term operational working capltal needs, risks in the timing of funding streams and uncertainties surrounding long term assumptions within the funding model {e.g. inflation and interest rates). They are also required to hold cash balances in various accounts wlth the Funder in order to comply with the terms of the contract. These amounted to £8,693,744 {2023.' £7,317,892) at the balance sheet date. As the contract enters into its fSnal decade, the condition of the building and facilities on hand-back has to be considered as "condition B" has to be achleved. The trustees are mindful of this when considering the reserves held. Page 3
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 RESERVES POLICY (continued) The balance of restricted funds received from a charitable trust for facililating works for the mammography and dexascanner suite amounted to £118,029 (2023.. £nil) at the balance sheet date. Consequently the Trustees consider the current level of free reserves of £10,550,916 (2023.. £9,588.367) appropriate to the Trust's current financial position. INVESTMENT POLICY AND PERFORMANCE The Charity's funds are held in interest bearing bank and building society account5. Monies relating to contract sums under the PFI agreement are required to be retained within aOuntS held with the Funder. Non-contract sums, that are nol anticipated to be required at short notice, are placed in time deposit accounts with British banks and building societies. FUNDRAISING The Charily does not engage in large scale fundraising activities like mass maS1ing campaigns and does not employ a professional fundraiser nor engage the servi$ of third-party organisations to help raise funds, and therefore have not considered it necessary to sign up to any regulatory code of fundraising practice. No complaints have been received during the year about any aspect of the fundraising and consideration is always given lo privacy and diplomacy to ensure approaches for fundraising are appropriate. FUTURE PLANS The primary objective for the future of the Charity is to continue to provide firsl class accommodation, facilities and equipment at the West Berkshire Community Hospital for the treatment of people referred for hospital treatment. During the coming year we seek to: Complete the Alston Imaging Suite for mammography and dexascannerand ensure it is brought into operation Support the construction of the new MRI building. Reorganlse the staff car park to alleviate parking in the patient car park Support Bellrock in undertaking repairs to the hospital rendering. Support Bellrock with the annual review of the hospital premises to ensure that the condition at the hand-back meets the required standard. Page 4
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Newbury & Thalcham Hospital Building Trust was founded in 1997. The Charity is governed by its Articles of Association and was incorporated on 15 August 1997. The Charity registration number is 1067608, and the company registration number is 3420143. Company Ilmlted by guarantee Newbury & Thatcham Hospital Buildlng Trust is a company limited byguarantee, not having a share capitsl. The liability ofthe members in the event ofwinding up is limitedto an amount not exceeding £1 per member. At 30 September 2024 there were 8 members {2023.' 8 members). Trustees The Trustees who held office and who are all Directors of the company were as follows: Sarah Deal Dr Keith Endersby Sylvia Galbrallh Victoria Hopgood Shane Prater Richard Rudgely Dr Robert Tayton Paul Townsend Secretary Chairman Key Executives and Pmfessional Advisers Chalmian: Company Secretary: Dr Robert Tayton Dr Keith Endersby Bankers.. Barclays Bank pl¢ and Nationwide Building Society Solicilors: Bevan Brittan Auditors.. UHY Ross Brooke Details of the address at which the Charity can be contacted is on page 1. Governlng Body The current Trustees have the powerto appoint newTruslees who arechosen on the basis of their potential conlribution to the Charity and the professional skills which are required lo assist in the management of the Charity. When an opportunSty arises for a new Trustee, the existing Trustees draw up a short list of suitable candidates from the local community. These candidates are then invited to attend a Truslees meeting. Su¢¢essful candidates will then be invited to become Trustees. Trustee training Trustees are selected due to their parti¢ular area of expertlse as it relates to the Charity. An overview of the Charity's activitles is given at Trustee meetings and a representatlve of the outsourced finance and administration team provides detailed information on procedures as requlred. The new Trustees are also provlded with the Charity Commission publications 'The Essenti81 Trustee: What you need to know, and 'Welcome'. Page 5
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Organisational management The management of the Charity is undertaken by the TrLtstees who receive information from an outsourced finance and administration leam that is responsible for the co-ordination of the financial and non-medical running of the hospitsl and which owes a duty of care to the Trustees. Actions arising from these reports are discussed at Trustees meetings and an individual Trustee will be delegated with the task of dealing with that issue and reporting progress to the Trustees, Any urgenl issues are reported to the Trustees as they arise and where necessary the finance and administration team will be instruGted on the course of action to be undertaken or the Trustees will take action Ihemselves. Communication between meetings is generally by e-mail. The Trustees consider that they comprise the key management. As they are not remunerated for their services there are no arrangements for setting the pay and remuneration of key management. Organlsatlon structure and relatlonshlps The Newbury and Thatcham Hospital Building Trust Limited is a stsnd-alone Charity funded by the Wesi Berf(shire Clinical Commissioning Group (previously regional Primary Care Trust (PCT)) through Berkshire Healthcare NHS Foundation Trust, which provides fvnds for the non-medlcal running of the hospital. The PCTS were abolished on 31 March 2013 and the responsibility for the hospital passed to Berkshire Healthcare NHS Foundation Trust (BHFT). The Trustees outsource the majority of the day to day adminislration and the maintaining of the financial records to a third-party finance and administration team. The Trustees employ a Facilities Management Company to run the non-medical aspects of the hospital, including maintenance of the building. RISK MANAGEMENT The Charity works closely with the Facilities Management Company to ensure areas of risk are identified and documented. All risks in relation to medical activities are the responsibilty of BHFT. The main rlsks that the Trustees have identified and the adlons they have taken to mitigale them are as follows.. Financial problems of the Facilities Management Company causing it to default on the contract. The Trustees ensure that they hold sufficient funds to run the non-medical aspects of the hospital for six months to enable an orderly appointment of a new provider. Trustee age profile. The Trustees are keeping the composition of the board under review to ensure there is a succession plan. Failure of a counterparty with whom the Charity's reserves are invested. This risk is mitigated by spreading reserves amongst at least three separate counterparties and by restricting investment into British Banks and Building So¢ietles only. Royal Berkshire Hospitsl Foundation Trust becomes insolvent and cannot afford to run the services. There is little the Trustees can do to manage this risk beyond keeping in contact with the Clinical Commissioning Groups who would have to appoint a new provlder of seNl¢es. The Trustees continue to revlew their risk response on an annual basis. Page 6
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees {who are also Directors of Newbury & Thatcham Hospital Building Trust for the purposes of company law) are responsible for preparing the Truslees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards). Company law requlres 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 affalrs of the charitable and of the incoming resources and application of resources, including the incO.e and expendlture, of the charltable company for that period. In preparing these financial statements. the Trustees are required to.- select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent; state whethèr applicable UK accounting standards have been followed, subject to any material departures disclosed and explained In the financial statements,. and prepare the financlal statements on the going Concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions. disclose with reasonable accuracy at any time the financial posltion of the charitable company and enable them to ensure that the financial statements rnmply with the Companies Act and the provisions of the Charity's constitution. They are 81s0 responsible for safeguarding the assats of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Provision of Informatlon to auditors So far as the Trustees are aware, there is no relevant audit information ofwhich the charitable company s auditors are unaware. The Trustees have each taken all the steps that they ought lo have taken as Trustees In order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. In preparing this report. the Trustees have taken advantage of the small companies exemptions provided by the Companies Act 2006. Approved by the Board on and signed on Its behalf by: Dr K Enders Secretary and Trustee Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) Opinlon We have audited the financial statements of Newbury & That¢ham Hospital Building Trust (the charitable company) for the year ended 30 September 2024 which comprise the Statement of Financial Activlties, the Balance Sheet, Stalement of Cash Flows and notes to the financial statement5, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unlted Kingdom Accounting Standards, including FRS 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: give a true and fair view of the state of the Charitable Company's affairs as at 30 September 2024 and of its incoming resources and applicaiion of resources, including its income and expenditure, for the year Ihen ended., hdve been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Acl 2006. Basls for oplnlon We ¢onducted our audit in accordance with Intemational Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described In the Auditor's responsibillties 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 financlal statements in the UK, in¢luding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is suffi'cient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have concluded that the trustee's 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 identrfied any material uncertainties relating to events or Conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem 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 ¢on¢ern are described in the relevant sections of this report. Other infomiatlon The other information comprises the information included in the twstees annual report, other than the financial statemenls and our auditor's report thereon.The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not Cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of'assurance concluslon thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained iri the course of. the audil or otherwise appears to be materially misstated. If we identify such material In¢onsisten¢ies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the finan¢ial statements themselves. If, based on the work we have performed, we conclude that there is a material misststement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) Oplnlon on other matter prescrlbed by the Companlos Act 2006 In our opinion based on the work undertaken in Ihe course of our audlt the information given in the Trustees, Annual Report for the financial year for which the financial statements are prepared is consistent with Ihe financial statements., and the Trustees, Annual Report has been prepared in acwrdance with applicable legal requirements. Matters on which we are roqulred to report by exception In light of the knowledge and understanding of the Charitable Company and its environment obtsined in the course of the audil, we have not identified material misstatements in the Truslees, Annual Report. We have nothing to report in respect of the followina matters in relation to which the Companies Act 2006 requires us to report tc you if, in our oplnlon: adequate accounting records have not been kept, or retums adequate for our audil have not been received from branches not visited by us,. or Ihe financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trusle8s' remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Ihe trustees wer@ not enlilled to take advantage of the small compani8s' exemption in preparing the Twstees, Annual Report and take advantage of the small Gompanies exemption from the requirement lo prepare a Strategic Report. Responsibilities of the Trustees As explained more fully in the Trustees. Responsibilities Slatement set out on page 7, the trustees (who are also the directors of the Newbury & That¢ham Hospitsl Building Trust for the purposes of Company law) are responsible for the preparation of a trustees, annual report and financial statements and for being satisfied that they give a true and fair vlew, and for such intemal control as the trustees determine is necessary lo enable the preparation of financial staterngnts that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustses are responsible for assessing the eharllable companvs abilty to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to Ilquidale the charitable company or to coase operations, or have no realistic allernalive bul lo do so. Audbtor's respon$ibilltles for the audit of the flnan¢ial statements Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whèther due to fraud or error, and to issuè an auditor's report that includes our opinion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audil conducted in accordance with ISAS IUKI will always detect a material misststement when it exists. Misstalements can arise from fraud or error and are considered materSal if, individually or in the aggregale, they could reasonably be expected to influence the economic de$[onS of users taken on the basi$ of these financial stslements. Irregularities. including fraud, are in5tanrRs of non-compliance with laws and regulations, We design procedures in line with our responsibilities, OLrtlined above, to delect material misstatements in respect of irregularities, in¢luding traud. The specifie procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detsiled below.. Page 9
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEWBURY & THATCHAM HOSPITAL BUILDING TRUST {LIMITED BY GUARANTEE) We have considered: the nature of the charity and sector, control environment and operating performance. the charity's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error., any matters we identified having reviewed the charity's policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance. detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. and Ihe intemal controls established to mitigate risks of fraud or non-complian¢e with laws and regulations. the matters discussed amongst the audit engagement team. As a result of these procedures, we considered the opportunities and incentives that may exisl within the organisation for fraud and identlfied the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the recognilion of income and provisions. In common with all audits under ISAS {UK), we are also required to perform specific pro¢edures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the charity operates in, foGusing 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 were the Companies A¢1, Charities Act and tax leglslatlon. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to a material misstalement in the financial statements or non<ompliance with regulation. This risk increases the more that compliance with a law or regulatlon Is removed from Ihe events and transa¢tions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater gardIng irregularities occurring due lo fraud rather than eThor, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentstion. A further description of our responsibilities for the audlt of the financial stalements is located on the Financial Reporting Council's website at: http..I.frc.org.kIaudItQrsreSpOnSIbl[It1es. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapier 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we mlght state lo the charitable ¢ompany's members those matters we are required lo slate to Ihem in an auditorfs 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 Ihe charitable company's members as a body, for our audit work, for Ihls réport, or for the opinions we have formed. ster (Senlor Statutory Audltor) or and on behalf of UHY Ross Brooke, Statutory Auditor Suite I Windrush Court Ablngdon Business Park Abingdon Oxfordshire OX14 1SY Date.. ?1 li ILS Page 10
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 Unrestricted Funds 2024 Restrlcted Funds 2024 Total Funds 2023 Total Funds Notes (Note 18) INCOME AND ENDOWMENTS FROM: Donations and lfrgacies In¢ome trom charitable actlvities Provision of hospital servlces Investment Income 448,618 448,618 36,914 6,400,765 265 522 6,400.765 265 522 5.474,302 132 218 TOTAL 6 666 287 7 114905 5 643 434 EXPENDITURE ONI '. CharEtable Activities: Cost of ho- .pital ser*i'ces - contractual Cost of hospital services - voluntsry 5.629,922 5,629,922 404 405 4.948,813 321459 330 589 TOTAL 5 703 738 330 589 6 034 327 5 270 272 NET IN¢OMEI(EXPENDITURE) BEFORE TRANSFERS 962,549 118,029 1,080,578 373, 162 Transfers beleen funds 14 Net incomel(expendlture} and net movement In funds in the year 962,549 118,029 1,080,578 373, 162 Total funds at 1 October 2023 9 588 367 9 588 367 9 215 205 Total funds at 30 September 2024 15 587 The notes on pages 14 to 22 form part of these financial ststements Page11
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30 SEPTEMBER 2024 COMPANY NUMBER: 03420143 Notes 2024 2023 CURRENT ASSETS Debtors.. Falling due within one year Falling due after more than one year Casb. at ba.. and in hand 1,643,859 7,034.874 11098 732 1.449,557 7.945,315 9 646 853 19,777,465 19,041,725 CREDITORS: Amounts falling due within one year 1680 n14 1257 716 NET CURRENT ASss 18,088,451 17. 784,009 CREDITORS: Amounts falling due after more than one year 10 <5,505,356) (6.348, 683) Provisions for liabilities and charges 1914 150 1846 959 TOTAL ASSETS LESS LIABILITIES Unrestricted funds Restricted funds 13 14 10.550,916 118 029 9,588.367 TOTAL FUNDS 15 Approved and authorised for issue by the Board of Trustees on behalf by and signed on their R Tayton Chairnian of Trustees The notes on pages 14 to 22 fom part of these financial Statements Page 12
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cash flows from operating activities: Net movement in funds Amortisation of finance re1vable Interest received Interest paid Decreasel(increa5ellin debtors Increasel(decrease} in creditors Increasel(de¢rease} in provisions 1,080,578 871,700 1265,522} 454,022 1155,561) 336,133 373, 162 835, 700 (132,218) 493,913 (41,312) (46, 198) 554 604 Net cash provided by operating actlvities 2 388 541 2 037651 Cash flows from investing actlvities Interest received 265 522 132 218 Net cash provided by investing activities 265 522 132 218 Cash flows from financlng activities Interest paid Repayment of loan (454,022) (493,913) 672 271 Net cash used In by financlng activities 1202 184 1 166 784 Change In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1,451,879 9 646 853 1,003.685 8 643 168 Total cash and cash equivalents at the end of the year 2024 2023 Analysis of cash and cash equlvalents: Cash at bank and in hand The notes on pages 14 to 22 form part of these financial statements Page 13
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CHARITY INFORMATION The principal activity of the Charity is the provision and servicing of hospital buildings. facilities and equipment for the treatment of people referred for hospital treatment at the West Berkshire Community Hospital. The Charity {registered number 3420143 and Charity number 1067608) is incorporated and domiciled in the UK. The address of the principal place of business is West Berkshire Community Hospilal, Rooke's Way, Benham Hill, Thatcham. Berkshire, RG18 3AS. The functional and presentatlonal currency of the Charity is GBP, and the accounls are rounded to the nearest GBP. ACCOUNTING POLICIES Basis of preparatlon The financial statements have been prepared in acLordance with Accounting and Reporting by Charilies.. Statement of Recommended Pradlce applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019) - Charities SORP (FRS 102). the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102) and the Companies Act 2006. Newbury & Thatcham Hospital Building Trust meets the definition of a publlc benefit entity under FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless Otheise stated in the relevant accounting policy note. b) Going Concern Having reviewed the funding facilities available to the Charity together with the expe¢ted on going demand for services and the Charity's future projected cash flows, the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future. Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the finan¢ial statements Critical a¢¢ountlng Judgements and key sour¢e$ of esllmatlon uncertainty In the application of Ihe Charity's a¢¢ounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying value of assels and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that perlod, or in the period of revision and future periods if the revision affects the Current and future periods. Page 14
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 In the vlew of the Trustees, the key source of estimation uncertainly that has a significant effect on the amounts recognised in the financial statements is that of the Life Cycle and Maintenance provision. The dis¢ount rate used is in line with gilt rates for the same period as the provision. Finan¢lal Instruments Ba5iG financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cosl. Note 16 provides more information on financial instruments where future Cash flows are anticipated, with financial assets referring to cash, debtor balances excluding prepayments and financial liabilities referring to all creditor balances excluding other taxes and social security. Income Voluntary income is included in the Statement of Financial Activitles {SoFAI when the Charity is legally entitled to the income, receipt is probable, and Ihe amount can be quantified with reasonable certainty. For legacies, entitlement is considered established once the Charity has been notrfied of an impenaing distribution. All other Income accounted for on an accruals basis. Expenditure All resources expended are accounted for on an accruals basis. Charitable actlvities include costs of services, support costs and govemance costs {¢osts associated with constitutional and statutory requirements). In previous years Governance costs (costs associated with meeting the constitutional and statutory requirements of the Charity, the independent examiner fees and costs in respect of the strategi¢ management of the Charity) were shown separately in the Statement of Financial Activities. To Comply with Charities SORP (FRS 102) Governance costs have been included within charitable activities as an element of other support costs. g) Taxation The Trust is a registered Charity. Under S505 ICTA 1988 the Charity is not subject to taxation on its charitable activities. Fund accounting Unrestricted funds Funds which are expendable at the discretion of the Trustees for rtheranCe of the objects of the Charity. Restricted funds Funds that have restrlctions imposed by donors and can only be applied for the particular puOSe5 specified by the donors. Designated funds Funds that have restrictions imposed on them by the Trustees to be used on the purpose specified. Page 15
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES {CONTINUED) A¢¢ountlng for the Hospltal Faclllty Management Contract The hospital was built and is operated under a PFI contract, which on completion of the build transferred substantially all the risks and rewards associated with ownership of the building to the Berkshire Healthcare NHS Foundation Trust (BHFT)- in exchange for finance retsivable. Due to the PFI Contract the revenue received from the BHFT, In relallon to the operation and facility management of the hospital, is recognised as a fixed income stream as dictated by the Financial Model. The Financial Model sets out the revenues required by proje¢ting the expected future costs for the operation of the hospital. The finance receivable revenues recerved from the BHFT are apportioned bekneen,. Capital repayment Finance receivable Provision of hospital services Finance receivable is allocated on a decreasing sum of digits basis over the life of the contract and is included in the Provision of Hospital Services. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. k) Creditors and provisions Creditors and provisions are recognised when the Charity has a present obligation resutting from a pasl event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimaled reliably. Creditors and provisions are normally recognised al their Settlement amount after allowing for any trade discounts due. The Life Cy¢le and Maintenance provision has been re¢ognised in the a¢¢ounts relating to an obligation under the lerms of the contract to ensure that the buildings and certain assets are maintained to a suitable standard. This provision reflects the balance held, plus amounts to be transferred into, the Lrfe Cycle Bank Account. which holds funds relating to this obligation. Cash and cash equivalents C85h is represenled by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments Ihat mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value Page 16
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Other donations 36 914 In 2024 and 2023 the donations received by the Charity were restricted. EXPENDITURE 2024 2023 Charitablo Actlvities.. Cost Oi PiOSPital ices - contractual Facilities management charge i anagerner(t fees Sinking fund expenditure Model update Amortisation of finance receivable Loan interest Insurance Variation expenditure recharged Amortisation of loan arrangement fees Utility charge Governance Other costs 2,822,141 127,360 665,414 6,600 867,579 454,022 72,277 9,175 4,121 578,336 22,195 702 2.621,339 178,050 180,026 6,600 830,390 493,913 67,205 171,743 5,310 430,817 72,650 5,629,922 4,948,813 Cost of hospital services - voluntary Variation expenditure met by Charity Rosemary Appeal final costs MRI legal and professional costs 342,082 1,002 282. 004 404,405 321,459 The Newbury and Thatcham Hospital Building Trust has nil employees (2023., nil) and key management personnel remuneration is £nil (2023.. £nil). Page 17
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 AUDITOR'S REMUNERATION 2024 2023 Auditor'5 remuneration audit TRUSTEES, REMUNERATION AND EXPENSES The Trustees received neither remuneration nor reimbursed expenses in either the Current or preceding year. DEBTORS: Amounts falling due within one year 2024 2023 Finance receivable Prepayments and accrued income 910.441 733 418 871,700 577 857 DEBTORS: Amounts falling due after more than one year 2024 2023 Finance receivable cREDORS. Amounts falling due within one year 2024 2023 Building Society - loan capilal repayable within one year Trade creditors Social Security and other taxes Accruals 843.327 430,041 120.793 748, 162 276, 670 118,775 114 169 257 716 Page 18
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. CREDrroRS: Amounts falling due after more than one year 2024 2023 Building Society loan capital due: In one- two years In two - five years In more than five years 1,030,620 4,102,378 372 358 843,327 3,690,936 7 814 420 The loan is secured on the assets of the Trust and is for a term of 25 years which commenced in March 2004. Interest is repayable on the loan at a fixed rate of 5.52°/o plus at present an additional margin of 0.85°/. 11. PROVISIONS Life Cycle and Maintenance At 1 Odober 2023 Additions Amounts used 1,846,959 732,605 665 414 At 30 September 2024 The additions In respect of life-cy¢ling and maintenan¢e is based on expenditure forecasts over the lerm of contract. The timing of actual expenditure is subject to variation and the provision represents the difference between forecast and actual spend to date. 12. RELATED PARTY TRANSACTIONS There were no Related Party transactions in the current or preceding years.. Page 19
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. UNRESTRICTED FUNDS Atl Oclober 2023 At30 September 2024 Incoming resources Resources expended Transfers General fund 9 588 367 6 666 287 5 703 738 10 550916 The Switchgear fund relates to an eleclrical upgrade needed for the hospital. At1 October 2022 At30 September 2023 Incoming resources Resources expended Transfers Gene1 fund D8signat&d fund- Switchgear Covid recovery 9.014.736 5.606.520 (5.089. 127) 56,238 9,588,367 150,000 (107.809) (42.191) 27 171 9205954 . 5606.L 14. RESTRICTED FUNDS At1 October 2023 At30 September 2024 Incomlng resources Resources expended Transfers Rainbow Room Works Diagnostic Imaging 11,618 437 000 (11,618) 318 971 118 029 61 The Rainbow Room Works fvnd represents donations received towards the awning on Highclere Ward. The Diagnostic Imaging represents donations received to move the Ultrasound rooms and create rooms for Mammography scanners and Dexascanner. Atl October 2022 At30 September 2023 Incoming resources Resources expended Transfers Renal Unit 9.251 36.914 (46, 165) Page 20
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current Long term assets liability 2024 Total 2024 Provisions Transfers Unrestricted - General fund 17,970.422 Unrestricted - Designated Restricted (5,505,356) (1,914,150) 10,550,916 118029 118 029 2023 Net current assets Long term liabilty Total 2023 Provisions Transfers Unrestricted- General fund 17, 784.009 Unrestricted- Designated Restricted (6,348,683) (1,846, 959) 9.588,367 17 g59 36 16. FINANCIAL INSTRUMENTS Financial assets and liabilities measured at fair value are finance receivable and provisions. 2024 2023 Financial assets measured atfair value Financial liabilities measured at fair value 7,945,315 8.817,014 J1846 959 17. ANALYSIS OF CHANGES IN NET DEBT 01 Oct 2023 Cash-flows Other non-cash changes 30 Sep 2024 Cash 9,646,853 1,451,879 11,098,732 Finance receivable due within one year Finance receivable after more than one year Loans falling due within one year Loans falling due after more than one year Total 871. 700 {871,700} 910,441 910,441 7,945.315 (910,441) 7.034.874 (748, 162) 748.162 (843.327) (843,327) 6 348 683 5 505 356 Page 21
NEWBURY & THATCHAM HOSPITAL BUILDING TRUST (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Funds Notes INCOME AND ENDOWMENTS FROM.. Donations and legacies Income from charitable activities Prowsion of hospital serviGes Investment income 36,914 36.914 5.474,302 132 218 5,474,302 132 218 TOTAL 5 606 520 5 643 434 EXPENDITURE ON.. Charitable Activities.. Cost of hospital serviGes- Contractual Cost of hospital services - voluntary 4,948,8113 275 294 4,948,813 321459 TOTAL 5 224 107 5 280 272 NET INCOM{EXPENDIruRE) BEFORE TRANSFERS 382,413 (9,251) 373,162 Transfers between fund$ 14 Net inGome/{expenditure) and nat movement in funds in the year 382,413 (9,251) 373.162 Total funds at l October 2022 9 205 954 9 215 205 Total funds at 30 September 2023 15 588 367 958836 Page 22