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2023-03-31-accounts

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD

UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2023

Company Registration Number 3527407 Charity Number 1068721

GODDARD & CO 3 Church Street Odiham Hook, Hampshire RG29 1LU

1

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

CONTENTS

Legal and Administrative Information 2
Trustees Annual Report 3
Independent Examiner’s Report 8
Statement of Financial Activities 9
Summary Income and Expenditure Account 10
Balance Sheet 11
Notes to the Financial Statements 12
Unrestricted Funds Income and Expenditure 18

2

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2023

Charity Name Odiham Cottage Hospital Combined Trusts (incorporating Odiham Cottage Hospital Combined Trusts (incorporating
the League of Friends of OCH Ltd
(with effect from 24 July 2014)
Previously Odiham Cottage Hospital Charitable Trust
Previously Odiham Cottage Hospital Redevelopment Trust
Charity Registration Number 1068721
Company Registration Number 3527407
Registered Office and Operational Address Odiham Cottage Hospital
Buryfields
Odiham
Hook, Hampshire
RG29 1NE
Directors and Trustees Mrs C M Mitchell Chairman
G Deverill Hon Treasurer
Mrs D C Heald
K W Crookes
Dr H C F Heywood
Dr C J Hunter
I N MacDonald
Mrs J Rowlandson
Dr J A Worlock
Company Secretary Mrs V C East
Independent Examiners Goddard & Co
3 Church Street
Odiham
Hook, Hampshire
RG29 1LU
Bankers Lloyds Bank Plc
174 Fleet Road
Fleet
Hampshire
GU51 4DD

3

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 MARCH 2023

The Trustees present their annual report and independently examined financial statements for the year ended 31 March 2023.

STRUCTURE, GOVERNANCE AND ACTIVITIES

Governing Document

Odiham Cottage Hospital Combined Trusts (incorporating the League of Friends of OCH) Ltd (“OCHCT”) is a company limited by guarantee which was registered as a Charity (number 1068721) on 13 March 1998. The company was originally known as Odiham Cottage Hospital Redevelopment Trust (OCHCRE) but its name was changed in August 2009 to Odiham Cottage Hospital Charitable Trust and then to Odiham Cottage Hospital Combined Trusts (incorporating the League of Friends of OCH) on 24 July 2014 following the merger with the League of Friends of OCH. It was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up, each member is required to contribute an amount not exceeding £1.

Objects, Aims and Activities

The Charity provides public benefit through the relief of sickness by:

Organisational Structure

OCHCT is managed by a Board of Trustees which met six times in the year. The Trustees as at the year-end are listed on page 2. The Trustees are responsible for the governance, strategic direction and policy of the Charity and have a variety of professional backgrounds relevant to the work of the Charity. All Trustees are directors of the company for the purpose of the Companies Act 2006.

The Charity has retail trading activities which are carried out by its wholly owned subsidiary, OCH Shops Ltd. This company is managed by a committee that meets as required, whilst supervision of the shops is carried out by a Head of Retail who works closely with the shop managers.

Day to day operational matters of the Charity are delegated to a part-time Secretary to the Trustees who also acts as the Company Secretary.

The investment portfolio is managed by a committee of Trustees and ex Trustees each with a finance background, and reports to the Board twice yearly.

4

Recruitment, Appointment, Induction and Training of Trustees

At each Annual General Meeting, one third of the Trustees must retire and, if eligible, may seek re-election. At OCHCT’s twenty fifth AGM, to be held on Tuesday 25[st] July, Mr Ken Crookes, Mrs Caroline Mitchell and Mrs Bounce Heald will retire and, being eligible, will seek re-election. The Trustees are grateful to Mr Ian MacDonald who has agreed to a second term of office, reflecting his particularly valuable skill set and his appointment is ratified by the members annually.

The Trustees are mindful of the need to continue to ensure that Board members represent the interests of the hospital’s community and include a skill mix necessary to run the Charity successfully. The Board also recognise the need for its membership to reflect the cultural and diversity mix of the local community and this is taken into consideration when new appointments are made. New Trustees are invited to attend a briefing with the Secretary which includes an explanation of their obligations under Charity Commission guidance, together with the operational framework of the Charity, its financial and strategic plans and objectives.

Risk Management

The Trustees undertake a thorough assessment of the significant risks to which OCHCT is exposed and have sought to ensure that risk mitigation policies are in place. These are formally reviewed each year. The Charity’s objectives are achieved through provision of its two main assets; the hospital building and its financial reserves which are enhanced by its shop trading activities. Operational and financial control procedures exist to protect and enhance each of these valuable resources. A commercial property and liability insurance policy is in place.

Related Parties

In so far as it is complementary to the Charity’s objectives, OCHCT is guided by both local and national health and social care policy. Wherever possible, representatives meet with senior management from the NHS, HCC Adult Services, Hart District Council and other interested parties to endure that the Charity delivers the best possible services to its community.

Governance

In November 2017 the Board reflected on the recommendations of the Charity Governance Code and are now confident that they operate under best practice guidelines.

ACHIEVEMENTS AND PERFORMANCE

In September 2022, Age Concern Hampshire advised the OCH Trustees that they would be relocating their clients to newly refurbished premises in Yateley and clients and staff moved to Frogmore Day Centre at the end of October 2022. This gave the Trustees the opportunity to offer the OCH facilities to a new partner and agreement was quickly reached with Mustard Seed Autism Trust who provide therapy and support services to young children with autism and their families. Work to create a suite of bespoke therapy rooms started in April 2023 with occupation planned for June. With no immediate need for the minibus, it was sold to Rushmoor Voluntary Services so that it remains available for local groups in need transport support.

For the second year, the Befriending Service ran under the sole management of OCH and cautiously emerged from COVID restrictions with visits and outings resuming and new volunteers recruited and trained. We were delighted to be given a volunteer award by the Hart District Chairman in April 2023 which recognised the value of the service supporting clients isolated by virtue of a long-term medical condition.

5

Following a strategic review carried out in January 2019, the Trustees remain committed to supporting the local needs of younger children and their families, particularly given the impact of the pandemic on the mental health of young people. The Trustees now provide financial support so that children in need at Hook infants and juniors, Mayhill juniors and Robert Mays School can access therapy through Canine Assisted Learning The Homestart parent and young family support group resumed their weekly meetings in Hook and the Trustees have committed to support the group for a further 3 years commencing April 2023.

The OCH Annex has enabled Hart Voluntary Action to provide a programme of support to young people and, where appropriate, their families. Funding for such services remains extremely tight, despite demand exceeding available resources, but OCH have provided additional funds this year ro ensure the service can continue to operate at previous levels.

The documented success of the link nurse role at the Whitewater surgery contributed to the appointment of a Frailty nurse at the Odiham/Old Basing surgeries. The purpose of the role is to provide proactive care to support those less able to access GP services, thereby reducing demands on GP time and avoiding admissions to acute hospital units.

The three retail shops in Odiham, Hartley Wintney and Old Basing had an extremely successful year, in part thanks to a national resurgence in charity retail but local initiatives by our managers have contributed to increased footfall and the trading success. In November 2021 the Trustees met to consider the long term financial future of the charity. They recognised the conflicting demands of current need for services and the requirement for the charity to continue to meet its objects in the long term future. The success of the shops has enabled the charity to continue to increase the amount of support it provides to local services, whilst working towards a balanced budget.

FINANCIAL REVIEW

Unrestricted Funds

As shown in the Statement of Financial Activities, the Charity received unrestricted donations of £10,904 compared to £9,817 in the previous year. The Trustees are most grateful to receive the support of so many individuals, clubs and events in the year and in particular a local charitable trust that made a large donation.

As mentioned above, OCH Shops Ltd, the wholly owned subsidiary of OCHCT, made a record donation of £135,000 (compared to £95,000 in 2021/22) being profits made by the retail activities of the 3 shops. Income from investments was higher than the previous year as free cash was moved into equity investments paying higher yields.

In summary unrestricted income amounted to £266,103 compared to £216,530 in the previous year.

Expenditure on charitable activities, totalled £252,948 compared with £247,572 in the previous year due primarily to the start of support for the frailty nurse at the Odiham/Old Basing surgeries. Increased utility costs were offset by reduced depreciation, having sold the minibus.

Unfortunately, our investments fell in value as a result of the turmoil in the markets in the Autumn of 2022 and the resultant increases in interest rates and the general reserve portfolio recorded an unrealised loss of £12,875.

In summary a small net income of £280 was recorded for the year, compared to a net deficit of £35,528 in the previous year.

6

Restricted Funds

No restricted donations were received in the year; depreciation of the total portfolio of restricted assets amounted to £2,749.

Endowment Fund

Some years ago, the Trustees established an endowment fund in order to generate income to support the Charity’s running costs. At the Trustees’ discretion, except where the donor has expressly requested otherwise, the capital of the fund is available to support the development of the hospital and its services.

Investment Policy and Performance

Under the Memorandum and Articles of Association, the Trustees, after taking appropriate advice, have the power to make investment of funds. They have adopted a conservative investment policy which reflects OCHCT’s need for income. The portfolio generated £90,440 in the year compared to £82,000 in the previous year as funds were moved from low yielding cash deposits.

The portfolio value suffered as a result of the events in the financial markets in Autumn 2022, particularly as the endowment portfolio included a large holding of commercial property funds. An unrealised loss of £133,994 was recorded and the endowment fund portfolio is valued at £2,209,442 as at 31[st] March 2023. The general reserve was valued at £202,027 at the year end.

Reserves Policy

It is the policy of the Charity to maintain reserves and operational funds, which are the free reserves of the Charity, at a level which is sufficient to cover its operational obligations for at least two years. This provides sufficient funds to ensure that the commitments of the Charity can be met for the foreseeable future, even in the event of a significant reduction in income.

PLANS FOR THE FUTURE

Whilst the withdrawal of Age Concern day care services from OCH initially felt like a significant loss in local service provision, it has been encouraging to learn that transport provision has enabled West Hart residents to continue attending the day centre. Hence the opportunity arose to find a new service partner to occupy the space left by ACH. Mustard Seed Autism Trust were quickly identified and in April 2023 work started to create a bespoke suite of therapy rooms suitable for their clients – young children up to the age of 11 who are autistic, and also providing support to their families.

New services have started at OCH with a weekly Health Visitor clinic and monthly Parkinson’s clinic adding to the services provided by the NHS.

Whilst other opportunities have been considered, the Board have agreed that they will not be pursued until Mustard Seed have established themselves at OCH.

Longer term, the Board of Trustees remain committed to providing and expanding a range of health and social care services that respond to the needs of local people.

7

RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also the Directors of the Company for the purposed of Company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

INDEPENDENT EXAMINER

Goddard and Co have been appointed to act as independent examiner as the Charity no longer requires an audit

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Registered Office: Odiham Cottage Hospital, Buryfields, Odiham, Hook, Hampshire, RG29 1NE

Signed by order of the Trustees:

Caroline Mitchell, Chairman

Approved by the Trustees 31[st] May 2023

8

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 MARCH 2023

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’).

In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Peter Goddard FCA FCCA

Address: 3 Church Street Odiham Hampshire RG29 1LU

Date :

9

Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
Note
Funds
Funds
Fund
2023
Funds
Funds
Fund
2022
£
£
£
£
£
£
£
£
Income and endowments from
Donations and legacies
Donations
10,904
-
10,904
9,817
-
-
9,817
Legacies
-
-
-
-
-
-
5,000
5,000
Other trading activities
Income from group companies
2
135,000
-
-
135,000
95,000
-
-
95,000
Income from investments
3
90,440
-
456
90,896
82,000
-
-
82,000
Income from charitable activities
Property income
29,759
-
-
29,759
29,713
-
-
29,713
Total income and endowments
266,103
-
456
266,559
216,530
-
5,000
221,530
Expenditure on charitable activities
4
252,948
2,749
-
255,697
247,572
2,037
-
249,609
Net gains/(losses) on investment
8
Realised
-
-
-
-
(3,151)
(3,151)
Unrealised
(12,875)
-
(133,994)
(146,869)
(4,486)
-
151,820
147,334
NET INCOME/(EXPENDITURE)
280
(2,749)
(133,538)
(136,007)
(35,528)
(2,037)
153,669
116,104
Transfers between funds
-
-
-
2,773
-
(2,773)
-
NET MOVEMENT IN FUNDS
280
(2,749)
(133,538)
(136,007)
(32,755)
(2,037)
150,896
116,104
FUND BALANCES as at 1 APRIL 2022
691,592
21,222
2,342,980
3,055,794
724,347
23,259
2,192,084
2,939,690
FUND BALANCES as at 31 MARCH 2023
691,872
£
18,473
£
2,209,442
£
2,919,787
£
691,592
£
21,222
£
2,342,980
£
3,055,794
£		 216,530
-
5,000
221,530		 247,572
2,037
-
249,609
-
-
(3,151)
(3,151)
(4,486)
-
151,820
147,334		 (35,528)
(2,037)
153,669
116,104
2,773
-
(2,773)
-		 (32,755)
(2,037)
150,896
116,104
724,347
23,259
2,192,084
2,939,690		 691,592
£
21,222
£
2,342,980
£
3,055,794
£

10

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (inc the League of Friends of OCH) Ltd SUMMARY INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2023

Note
INCOME
TOTAL EXPENDITURE
OPERATING DEFICIT
OTHER INCOME
Interest receivable and similar income
3
NET INCOME/(DEFICIT) FOR THE FINANCIAL YEAR		 2023
2022
£
£
175,663
134,530
255,697
249,609
(80,034)
(115,079)
90,440
82,000
10,406
£
(33,079)
£

This Summary Income and Expenditure account has been prepared in accordance with the Companies Act 2006. The net income/(deficit) for the financial year shown above is the net expenditure as shown in the Statement of Financial Activities on page 9 from Unrestricted and Restricted Funds excluding net gains/(losses) on investments.

All of the activities of the charitable company are classed as continuing.

The notes on pages 12 to 17 form part of these financial statements.

11

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (inc the League of Friends of OCH) Ltd BALANCE SHEET as at 31 MARCH 2023

Note
Fixed assets
Tangible fixed assets
6
Investment in Group Companies
7
Other Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Current liabilities
Creditors due within one year
10
Net current assets / (liabilities)
Total assets less current liabilities
Funds
Endowment fund
11
Restricted funds
12
Unrestricted funds
Designated funds
13
General funds
Total funds		 £
£
£
£
407,332
434,374
100
100
2,411,469
2,557,882
2,818,901
2,992,356
2,605
2,821
109,842
72,784
112,447
75,605
(11,561)
(12,167)
100,886
63,438
2,919,787
£
3,055,794
£
2,209,442
2,342,980
18,473
21,222
388,859
413,152
303,013
278,440
691,872
691,592
2,919,787
£
3,055,794
£
2023
2022
388,859
303,013

The Trustees are satisfied that the Charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476(1) of the Act.

The Trustees acknowledge their responsibilities for:

(i) ensuring that the Charity keeps adequate accounting records which comply with section 386 of the Act, and

(ii) preparing financial statements which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the Charity.

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the Trustees on 31st May 2023, and are signed on their behalf by:

C M Mitchell, Chairman

G Deverill, Trustee

Company Registration Number 3527407

The notes on pages 12 to 17 form part of these financial statements

12

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) Ltd NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

The principle accounting policies are summarised below. They have been consistently applied throughout the current and preceding year.

The financial statements have been prepared under the historical cost convention, except that fixed asset investments are carried at market value as described below, and in accordance with applicable UK accounting standards, the Charities SORP (FRS 102) and the Companies Act 2006.

The Trustees have taken advantage of the exemption in the Charities SORP (FRS 102) from including a cash flow statement in the financial statements on the grounds that the charitable company is small.

Income is recognised in the year in which the Charity is entitled to receive it and the amount can be measured with reasonable certainty. Where income tax is reclaimable, such income is included at the gross amount.

All expenditure, including payments under operating leases, is accounted for on an accruals basis, is allocated to the appropriate cost category and excludes recoverable VAT.

The policy of the Trustees is to maintain such sums as they deem prudent for the future refurbishment and development of the hospital and to provide such other sums as are required to maintain the activities in the event of any shortfall in future income.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over its useful economic life as follows:

Freehold land NIL Freehold building 2% on cost Freehold refurbishments 10% on cost Leasehold facilities 4% on cost (life of asset) Computer equipment 25% on cost Other equipment 10% on cost

The Charity relies on section 505 of the Income and Corporation Taxes Act 1988 which exempts it from corporation tax liabilities on its current activities.

Fixed asset investments are stated at market value at the year end date. Unrealised investment gains and losses reflect the actual performance of the underlying investments.

Cash and bank deposits are stated at amounts held. Debtors and creditors represent amounts settled after the year end and amounts advanced by/to the charity respectively.

Payments under operating leases are charged to the accounts on an accruals basis.

The Charity makes a contribution to a pension scheme for its one member of staff. This is a defined contribution pension scheme and the annual contribution payable is charged to the accounts. The assets of the scheme are held separately from those of the Charity.

13

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

~~2~~
INCOME FROM GROUP COMPANIES
Donation from OCH Shops Ltd
~~3~~
INTEREST RECEIVABLE AND SIMILAR INCOME
Bank interest receivable
UK listed investments
~~4~~
CHARITABLE EXPENDITURE
Unrestricted
Restricted
Funds
Funds
£
£
Cost of service provision
141,639
-
Cost of provision of hospital accommodation
Depreciation
11,933
1,149
Maintenance and repairs
11,713
-
Utilities
18,267
-
Telephone
2,209
-
Other premises costs
3,398
-
Insurance
4,008
-
Other costs
2,248
-
Cleaning
4,896
-
Car park amortisation
332
1,600
Car park rent
4,856
-
Management and administration
Staff costs
35,039
-
Other costs
1,764
-
Governance costs
Staff costs
8,760
-
Independent examination fees
1,886
-
252,948
£
2,749
£		 ~~2~~
INCOME FROM GROUP COMPANIES
Donation from OCH Shops Ltd
~~3~~
INTEREST RECEIVABLE AND SIMILAR INCOME
Bank interest receivable
UK listed investments
~~4~~
CHARITABLE EXPENDITURE
Unrestricted
Restricted
Funds
Funds
£
£
Cost of service provision
141,639
-
Cost of provision of hospital accommodation
Depreciation
11,933
1,149
Maintenance and repairs
11,713
-
Utilities
18,267
-
Telephone
2,209
-
Other premises costs
3,398
-
Insurance
4,008
-
Other costs
2,248
-
Cleaning
4,896
-
Car park amortisation
332
1,600
Car park rent
4,856
-
Management and administration
Staff costs
35,039
-
Other costs
1,764
-
Governance costs
Staff costs
8,760
-
Independent examination fees
1,886
-
252,948
£
2,749
£		 2023
2022
£
£
135,000
£
95,000
£
2023
2022
£
£
675
2,228
89,765
79,772
90,440
£
82,000
£
2023
2022
£
£
141,639
133,886
13,082
19,888
11,713
11,320
18,267
13,700
2,209
2,637
3,398
2,997
4,008
3,837
2,248
1,861
4,896
6,614
1,932
1,932
4,856
5,070
35,039
33,218
1,764
2,458
8,760
8,305
1,886
1,886
252,948
£
2,749
£		 255,697
£
249,609
£

20% of the Company Secretary's time is estimated to be spent on matters related to governance and this is the basis of cost allocation.

OCH Combined Trusts has purchased insurance to indemnify all Trustees against possible liabilities incurred by them in relation to their duties.

14

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

~~5~~
STAFF COSTS
Salary
Social security costs
Pension contributions		 2023
2022
£
£
55,030
52,323
2,958
2,349
4,495
4,171
62,483
£
58,843
£

OCH Combined Trusts' employs a Company Secretary and with effect from 1st April 2021, a Befriending Services Manager. No employee received emoluments of more than £60,000 pa. No remuneration or expenses were paid to the Trustees and no expenses have been waived.

~~6~~ TANGIBLE FIXED ASSETS

COST
Freehold property
Leasehold property
Equipment
Minibus
DEPRECIATION
Freehold property
Leasehold property
Equipment
Minibus
NET BOOK VALUE
Freehold property
Leasehold property
Equipment
Minibus		 1 April 2022
Additions
Deletions
31 Mar 2023
£
£
£
£
552,111
-
-
552,111
48,296
-
-
48,296
146,557
422
-
146,979
31,125
-
31,125)
(
-
778,089
£
422
£
(31,125)
£
747,386
£
1 April 2022
Provision
Deletions
31 Mar 2023
£
£
£
£
163,555
9,331
-
172,886
32,842
1,932
-
34,774
128,643
3,751
-
132,394
18,675
-
18,675)
(
-
343,715
£
15,014
£
(18,675)
£
340,054
£
1 April 2022
31 Mar 2023
£
£
388,556
379,225
15,454
13,522
17,914
14,585
12,450
-
434,374
£
407,332
£

The freehold property includes land at its historical cost of £200,000.

The Trustees/Directors of the Company have decided not to appoint an independent expert to value Odiham Cottage Hospital for the purpose of these financial statements.

7 INVESTMENT IN GROUP COMPANIES

Shares in subsidiary companies 2023
2022
£
£
100
£
100
£

On 1st June 2014, OCHCT acquired 100 ordinary shares of £1 each in OCH Shops Ltd, which represents 100% of that company's share capital.

OCH Shops Ltd was established on 4th March 2014 and the trading activities of the League of Friends' shops were passed to that Company on 1st June 2014.

15

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

~~8~~ OTHER INVESTMENTS

~~8~~ OTHER INVESTMENTS
Unrestricted Endowment 2023 2022
Funds Fund
£ £ £ £
UK Listed Investments
Value at 1 April 2022 214,902 2,342,980 2,557,882 2,411,472
Additions - 456 456 5,000
Transfer to cash accounts - - ( 2,773)
Net realised gains/(losses) - - - ( 3,151)
Net unrealised gains/(losses) ( 12,875)
 ( 133,994)
 ( 146,869)
 147,334
Value at 31 March 2023 £ 202,027
 £ 2,209,442
 £ 2,411,469
 £ 2,557,882
Cost at 31 March 2023 £ 179,480
 £ 1,886,369
 £ 2,065,849
 £ 2,065,393
At 31 March 2023, the following investments were valued at greater than 5% of the total portfolio:
M&G Charifund 20.0% BlackRock Charishare 19.00%
Cordea Savills Property 19.0% CAF deposit account 5.00%
COIF Fixed Interest Fund 11.0% Schroder Charity Eq Fund 7.00%
Schroder Multi Asset Fd 4.0% COIF Charities Ethical Fund 15.0%
9 DEBTORS
2023 2022
£ £
Tax recoverable 1,591 1,279
Prepayments 1,014 1,542
£ 2,605
 £ 2,821
**10 ** CREDITORS DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 9,161 9,909
Accruals 2,400 2,258
£ 11,561
 £ 12,167
**11 ** ENDOWMENT FUND
1 April Movement in resources 31 March
2022 Net Incoming Net Losses 2023
Endowment fund £ 2,342,980
 £ 456
 £ (133,994)
 £ 2,209,442

The endowment fund was originally established by the Trustees to provide income to support the running costs of the hospital. That income is now available to support health and social care services to the community. At the discretion of the Trustees, except where the donors have expressly requested otherwise, the fund may be used for major capital developments at the hospital if required.

16

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

~~1~~ 2 RESTRICTED FUNDS

Restricted funds 1 April
Movement in resources
31 March
2022
Incoming
Depreciation
2023
21,222
£
-
£
(2,749)
£
18,473
£

The restricted fund represents the net book value of items acquired using donations made in support of specific asset purchases.

~~1~~ 3 DESIGNATED FUNDS

Property fund 1 April
Movement in resources
31 March
2022
Outgoing
Depreciation
2023
413,152
£
(12,028)
£
(12,265)
£
388,859
£

The property fund represents the net book value of the freehold property and equipment purchased by OCHCT, other than restricted assets.

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Unrestricted Restricted Restricted Endowment Endowment Total
Funds Funds Fund Funds
Fund balances at 31 March 2023 were represented by:
Tangible fixed assets 388,859 18,473 - 407,332
Fixed asset investments 202,127 - 2,209,442 2,411,569
Net current assets 100,886 - - 100,886
Total funds £ 691,872
 £ 18,473
 £ 2,209,442
 £ 2,919,787

15 COMMITMENTS UNDER OPERATING LEASES

In March 2006 OCHCT entered into a 25 year lease with Hampshire County Council for the use of land on Mayhill Junior School as a car park. The lease may be terminated by OCHCT at 5 yearly intervals.

At the year end OCHCT had annual commitments under this lease as follows:

Operating lease which expire within 2 to 5 years 31 March
31 March
2023
2022
£
£
4,761
£
4,761
£

17

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

~~1~~ 6 COMPANY LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee. The liability of each member in the event of a winding up as stated in the Memorandum and Articles of Association is limited to £1. Annual membership may be applied for in return for a subscription of £5 or more per annum. Individuals and spouses are entitled to apply for life membership in return for a gift or commitment of £250 or more.

Due to the above the Trustees consider that there is no ultimate controlling company.

~~1~~ 7 CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

As at 31st March 2023, the charity has made a commitment for the refurbishment of therapy rooms for a new tenant space at OCH. The contract cost is £8,710 exc VAT. There are no contingent liabilities as at 31st March 2023.

18

ODIHAM COTTAGE HOSPITAL COMBINED TRUSTS (incorporating the League of Friends of OCH) LTD UNRESTRICTED FUNDS INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2023

INCOME
Charitable trusts and clubs
Individuals - Donations
- Regular Giving
Gifts in memory
Minibus income
Profit on sale of minibus
Property income
Investment income received
OCH Shops Ltd
TOTAL INCOME
CHARITABLE ACTIVITIES
Cost of service provision
Link nurse - Whitewater
Frailty nurse - Odiham/Old Basing
SMH Hospice at Home
Befriending Service
121 Youth Counselling
Sunshine and Showers
Rosefield Day Centre
Canine Assisted Learning
Happy Minds
Homestart
Costs of providing hospital facilities
Depreciation of building & equipment
Maintenance and repairs
Utilities
Telephone
Other premises expenses
Commercial insurance
Minibus depreciation
Sundry hospital expenses
Cleaning
Car park rent
Leasehold amortisation of car park
Management and administration
Staff costs
Printing, postage and stationery
Sundry management expenses
Governance costs
Independent examination fees
Staff costs
TOTAL EXPENDITURE
NET SURPLUS / (DEFICIT)		 £
£
£
£
5,019
1,288
2,085
3,404
3,264
3,516
536
1,609
1,404
4,824
5,550
-
22,805
24,889
90,440
82,000
135,000
95,000
266,103
216,530
22,346
26,506
20,358
22,500
30,000
20,768
20,823
23,500
18,500
9,192
9,192
477
3,982
11,498
8,883
-
5,000
11,000
11,000
141,639
133,886
11,933
13,226
11,713
11,320
18,267
13,700
2,209
2,637
3,398
2,997
4,008
3,837
-
6,225
2,248
1,861
4,896
6,614
4,856
5,070
332
332
63,860
67,819
35,039
33,218
732
706
1,032
1,752
36,803
35,676
1,886
1,886
8,760
8,305
10,646
10,191
252,948
247,572
13,155
£
31,042 )
(£
2023
2022
11,933
11,713
18,267
2,209
3,398
4,008
-
2,248
4,896
4,856
332
35,039
732
1,032
1,886
8,760