Charity registration number 1083847 (England and Wales) Company registration number 04117752 WATLINGTON HOSPITAL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WATLINGTON HOSPITAL CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P Bassett Mrs l M Birch-Reynardson Mr N George MrA C Gordon Secretsry Mr P Bassett Charity number 1083847 Company number 04117752 Registered office Adwell House Adwell Thame Oxfordshire OX9 7DQ Independent examiner Rouse Partners LLP 55 Station Road Beaconsfield Buckinghamshire United Kingdom HP9 1QL WATLINGTON HOSPITAL CHARITABLE TRUST CONTENTS Page Trustees, report Independent examinels report statement of financial activities Balance sheet Notes to the financial statements 6-12 WATLINGTON HOSPITAL CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statemenls and comply with the Irusl's goveming document, the Companies Acl 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland- and the Charities SORP -Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021". Objectives and activities Objectives and aims The objecls of the charity are the relief of sickness and the relief of disabilities of old age. These have been met by acquiring the site of the old hospital and arranging for WHcfs partners Sanctuary Care Limited Isancluaryl to run and maintain the Watlinglon Hospital as a multi purpose Nursing Home. (The residents and patients are referred to the Hospitallcare Home by the Medical Practitioners based in Oxfordshire Primary Care Trust of the NHS.) Longer term care,respite care. intermediate care and assistan￿ for older people with mental heallh needs are provided by the Sanctuary. The majority of the patients in all categories are placed by the Oxfordshire pooled budget of the NHS and Oxfordshire County Council as parl oftheir block booking with Sanctuary. Regular meelings between the care home managemenl team and the trustees nomially take place at which progress within Ihe home is reviewed. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. Achievements and perfomiance Charltable activltles and investment perforniance The Trustees are satisfied with the achievement of the charitable objectives outlined above. Support provided by trust in the year included contributions lo the continuing maintenance of Ihe premises as well as payments for new monitors for residents. The Trustees are also satisfied with the perfo￿an￿ of the investments. Financial review The value of inveslments at the year end are £713,309 and the reserves at the year end, excluding the value of land and leases, amounted to £1,085.865. The Truslees made Ihe investments to generate funds to enable the charity to provide ongoing support to the hospital as well as to cover more significant capital expenditure. Recurring conlributions include payments towards Sanctuary's costs to ensure that access to the hospital is available to local people and b. funds for the maintenance of grounds not leased to Sanctuary or the Chiltem Surgery as well as towards essential rna1ntenan￿ and voluntary support in certain areas. It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that resetves at this level will ensure thal, in the event of a significant drop in funding, they will be able to continue the Irusl's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Structure, governance and management The charity is governed by its Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006. WATLINGTON HOSPITAL CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were= Mr P Bassett Mrs l M Birch-Reynardson E Crossman Mr N George MrA C Gordon {Resigne(113 August 2024) New and existing trustees are given sufficient training and have enough knowledge to understand the nature of the charity and fully comply with the charilies current view of its aims. None of Ihe Iruslees has any beneficial interest in Ihe company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a wnding up. The company's currenl policy concerning the payment of Irade creditors is to follow the CBI'S Prompt Payers Code (copies are available from the CBI, Centre Point. 103 New Oxford Street. London WC1A 1DU). The company's cu￿ent policy conceming the payment of trade creditors is lo= settle the temis of payment with suppliers when agreeing the tems of each transaction., ensure thal suppliers are made aware of the lerms of payment by inclusion of the relevant terms in contracts., and pay in accordance with the company's contractual and other legal obligations. The trustees, report was approved by the Board of Trustees. Mr P Bassett Trustee 01-Oct-2025 Date.. WATLINGTON HOSPITAL CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WATLINGTON HOSPITAL CHARITABLE TRUST I report to the trustees on my examination of the financial statements of Watlington Hospital Charitable Trusl {the trust) for the year ended 31 De￿mber 2024. Responsibilities and basis of report As the trustees of the trust land also its directors for the purposes of company law), you are responsible for the preparation of the financial stalements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial slatements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the trust's financial statements carried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Direclions given by the Charity Commission under section 145(5){b) of the Charities Acl 2011. Independent examinerfs stalernent I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006. the financial statemenls do not accord with those ￿cOrdS- or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 olher than any requiremenl that the financial statements give a true and fair view, which is not a matter considered as part of an independent exarninalion.. or the financial statements have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practi￿ for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper understanding of the financial stalemenls to be reached. Rouse Partners LLP Susan Drummond 55 Station Road Beaconsfield Buckinghamshire HP9 1QL United Kingdom Dated.. 08-Oct-2025 WATLINGTON HOSPITAL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income and endowments from". Donations and legacies (Xher trading activities Investments Olher income 150 6,852 40.581 1,200 400 13,282 36,478 1,200 Total income 48,783 51,360 Charitable activities 14,134 22,557 Net gains on investments 12 12,927 28,171 Net income and movement in funds 47,576 56,974 Reconcillation of funds: Fund balances at 1 January 2024 2,416.507 2.359,533 Fund balances at 31 December 2024 2,464.083 2.416,507 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. WATLINGTON HOSPITAL CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Investment propety Inveslments 13 14 1.500,000 713,309 1.500,000 700,382 2,213,309 2,200,382 Current assets Debtors Cash at bank and in hand 15 6,613 370.281 343.559 376.894 343.559 Creditors: amounts falling due within one year 16 (4.337) {4.451) Net current assets 372.557 339,108 Total assets less current liabilities 2,585.866 2,539.490 Credilors- amounts falling due after more than one year 17 (121.783) (122,9831 Net assets 2.464.083 2.416,507 The funds of the trust Unreslricled funds 19 2.464.083 2.416,507 2.464.083 2.416,507 The company is entitled to the exemption from the audil requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge Iheir responsibilities for complying with the requirements of the Companies Acl 2006 with respect to accounting records and the preparation of financial statements. The members have nol required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financi81 statements were approved by the trustees on 01-Oct-2025 Mr P Bassett Trustee Mrs l M Birch-Reynardson Trustee Company registration number 04117752 (England and Wales) WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity infomiation Watlington Hospital Charitable Trust is a privale company limited by guarantee incorporated in England and Wales. The registered office is Adwell House. Adwell, Thame, Oxfordshire, OX9 7DQ. 1.1 Accounting convention The financial statemenls have been prepa￿d in accordan￿ with the trust's goveming document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charities SORP "Accounting and Reporling by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102)- The tnjst is a Public Benefit Entity as defined by FRS 102. The trust has laken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial stalements are prepared in slerfing. which is the functional currency of the trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investrnent properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequale resources to continue in operational existence for the foreseeable fulure. Thus the Iruslees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charilable funds Unrestricted funds are available for use at the discretion of the trustees in furtheran￿ of their charitable objeclives. Restricted funds are subject lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial statements. Endowment funds are subject Io specific conditions by donors thal the capital must be maintained by Ihe trusl. 1.4 Income Income is recognised when the Irusl is legally entilled to it after any performance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be received. Cash donalions are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipl or otherwise if the trust has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is nol known, the legacy is treated as a contingent asset. WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefil to a third paty, it is probable that a transfer of economic benefits will be required in settlemenl, 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 cosls, including support costs involved in undertaking each activity. Direct cosls attributable to a single activity are allocated directly lo thal activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those aclivities on a basis consistent wilh the use of resources. Cenlral staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Invaslment property Investment property, which is propety held to eam rentals andlor for capital appreciation. is initially recognised at cost, which includes the purchase cosl and any directly attribulable expendilure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revalualion is recognised in profit or loss. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value at each ￿porting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equlvalenls Cash and cash equivalents include cash in hand, dep)sits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowings in currenl liabilities. 1.9 Financial instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Inslrumenls Issues, of FRS 102 to all of its financial instruments. Financi81 instruments are recognised in the trusvs balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assels, which indude debtors and cash and bank balan￿s, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective inlerest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interesl. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of Ihe future payments discounted at a market rate of interest. Financial liabilities classiffied as payable within one year are not amortised. WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Derecognition of financial liabilities Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of Ihe trust's accounting policies, the trustees are reqUI￿d to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Other 150 400 Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Fundraising events 6,852 13,282 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest on investments 40,581 36,478 WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other Income Unrestricted Unrestricted funds funds 2024 2023 Other income 1,200 1,200 Expenditure on charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 Direct costs Garden maintenance Bank charges Misc expenses Landscaping Residents welfare 18,108 93 1,000 1,595 6,960 224 9,648 18,416 Share of support and governance costs (see note 8) Governance 4,486 4,141 14,134 22,557 Analysis by fund Unrestricted funds 14,134 22,557 Support costs allocated to activities 2024 2023 Governance costs 4,486 4,141 Analysed between: Charitable Expenditure 4.486 4,141 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting)= Fees payable for the independent examination of the charitys financial statements 1,620 1,620 WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Trustees None of the trustees lor any persons connected with them) received any remuneralion or benefits from the Irusl during the year. 11 Ernployees The average monlhly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. 12 Gains and losses on investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Gainsl(losses) arising on.. Revaluation of investments 12,927 28,171 13 Investment property 2024 Fair value At 1 January 2024 and 31 December 2024 1,500,000 The investment land held by the charity has not been revalued. The Trustees have been advised by professional valuers that valuing Ihe land separately from the property thal now occupies Ihe land is extremely difficult and expensive. Following the advice of the professional valuers, the Trustees have therefore decided to continue to reflect the land at cost for the foreseeable future. On 28 October 2002, the Charity granted a 125 year lease lo Sanctuary Housing Association and Brackley Inveslments Limited , both leases are subject to a peppercom rent. 10- WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Fixed asset Investments Unlisted investments Cost or valuation Al 1 January 2024 & 31 December 2024 700,382 Carrying amount At 31 December 2024 700,382 At 31 December 2023 700,382 15 Debtors 2024 2023 Amounts falling due within one year: Olher debtors 6,613 16 Creditors: amounts falling due within one year 2024 2023 Accruals 4.337 4,451 17 Creditors: amounts falling due after more than one year 2024 2023 Notes Deferred income 18 121.783 122,983 18 Deferred income 2024 2023 Olher deferred income 121,783 122,983 Deferred income is included in the financial statements as follows= 2024 2023 Deferred income is included wilhin.. Non-current liabilities 121,783 122,983 Movements in the year.. 11 WATLINGTON HOSPITAL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Deferred income (Continued) Deferred income at 1 January 2024 Released from previous periods 122.983 {1,200) 124,183 11,2001 Deferred income at 31 December 2024 121,783 122,983 19 Unrestricted funds At 1 January 2024 Incoming resources Resources expended Gains and losses At31 December 2024 General funds 2.416,507 48.783 (14.134) 12,927 2,464,083 Previous year: At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 General funds 2,359,533 51,360 {22,557} 28,171 2,416,507 20 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 12-