2021-10-31-accounts

HUGH SEXEY'S HOSPITAL REPORT OF THE VISITORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Company Registration Number 6906918 Charity Registration Number 1130351

HUGH SEXEY'S HOSPITAL {A charf(able company limited by guaranleel INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Page Report of the Visitors Independent AudiloT'S Report 10-12 statement of financial activities Balance sheet 14 Cashfi¢)w Statement 15 Accounting policies 16-17 Notes lo the financial statements 18-25 Page 1 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company limtted by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 The trustees, who are known as the Vis(fors, are pleased to present their annual report together with the rinancial slalements of the charty for the year ending 31 October 2021 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial ststements comply WTth the Charities Act 2011, the Companies Act 20C6, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS102}. REFERENCE AND ADMINISTRATIVE DETAILS Registered Office Hugh Sexey's Hospital, High Street, Brulon, Somerset, BA10 OAS Visitors (all are Trustees, and Dlrectors of the charltable company)". James Buxlon (Chairman) Edward Bond Dr Susanna Davidson General Sir Alex Harley Edward Hobhouse Emily Showering Ann Lee Julia de Salis (Appoinled 30 July 2021 } Dan Bradshaw (Appointed 30 Juty 2021) Lucinda Sunnucks Michael.Bowman Paul Hadow {Retired 9 April 2021) lan Hepburn The Hon. Andrew Jolliffe Mark Stanley-smith Susanne Deverell (Appointed 30 July 2021} Elizabeth Winkley (Retired 9 April 2021 > Officers and Advisors The Master Helen Rogerson (Appointed 11 October 2021) Col. Simon Bate OBE (Retired 22 July 2021) Finance and Administration The Trust Partnership (Appointed 1 May 2021 } 6 Trull Farm Buildings, Tetbury, Glos. Land Agents Fowler Fortescue The Old Dairy, Fonlhill Bishop, Salisbury. Investrnent Advisers Sarasin & Partners LLP Juxon House, 100 Sl Paul Churchyard, London. Bankers CAFBank Ltd, 25 Kings Hill Avenue, West Malling, Kenl. Auditors Monahans. Fortescue Ho. Court St, Trowbridge. Wittshire. Solicitors Loxleys, Langford Mill, Wotton-Under-Edge, Glos. Page 2 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee} REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Hugh Sexey's Hospital is a chartlable company incorporated and registered with the Charity Commission {1130351) on 15 May 2009. The charrty is administered in accordance with a Charty Commission Scheme dated 23 November 2009. The charitable company known as Hugh Sexey's Hospital (company registration 06906918) is limited by guarantee and was registered on 12 May 2009. The Trustees of the charity, who are known as the Visitors, are also all directors of the charitable company. During ihe year. Visitor5 made a resolution to increase their number from fifteen to sixteen to allow for Suc￿$s1on planning and a diverse skill set given the charity's diverse range of investments which include an estate gifted by the original benefactor. Hugh Sexey in 1638. Visitors are appointed in accordance with the provisions of the charitable company's Articles. All Visitors give their lime voluntarily and receive no benefits from the charitable company. As part of the induction process, new Visitors are briefed on the background and history of the Hospital and their responsibilities under charity law by the Chairman and the Master. A file of relevanl documents is provided and all Visitors are encouraged to attend The Almshouse Association Seminars. The Visltors, who are all unremunerated, meet four times a year., there are sub-committees covering House IResidents}, Buildings, Finance, Estate matters. The Visitors receive regular reports from the Master, Finance Manager, Land Agents, and Investment Advisers, and make all policy decisions. There are five staff members.. the Master (who acts as the operational manager). Warden, Assistant Warden, Housekeeper and Gardener who are all employed within the Hospital. Their remuneration is reviewed annually by the Visitors, taking into account changes in their roles and responsibilities and comparison to remuneration levels for similar roles in other organisations. During the year there was a change in the Master which allowed for an external review of salary by a specialist charrty recruitment advisor. The Wisitors have an on-going detailed risk assessment process to identify the major risks to which the Hospital is ext)osed, review the relative Significan￿ of Ihe risks that were identified through an assessment of their risk and probability. and then satr'sfy themselves as to the adequacy of the systems established to manage and mitigate these risks. This assessment is regularly reviewed and updated by the Visitors at every sub-committee meeting. The most signfficant risks are assessed in relation to the activities outlined in the next section and include.. Safely, se¢urty and wellbeing of the almshouse residents. Rates of occupancy. Maintenance of the historic fabric of the almshouses to provide dwellings fft for purpose. Management of the investment portfolio. Management of the endowment known as the Blackford Estate. The charity is a member of The Almshouse Association. Page 3 Company registration number 6916918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL (A charrtable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 OBJECTIVES AND ACTIVITIES The Object of the ¢harty is to provide almshouse accommodation for eligible beneficiaries within the area of benefit which includes Bruton and named parishes. Eligibilty includes local okler people in need. The use of the word Hospital refers to the historic term for an almshouse and has no relevance to the accommodation provided today. Further Obje￿5 are charitable purposes for the benefit of residents and other such charitable purposes as the Visitors decide. The Visf(ors fulfil these objectives by administering the Almshouses, which provide subsidised accommodation in ￿enty-fIVe flats within the Hospital buildings, fostering the s¢hools established by the founder of the Hospital, and making donations for charitable purposes, mainly for the benefrt and well-being of the young and the eldedy or to other charrties with similar objectives. Activities central to the provision of the almshouses include measures to ensure resident welfare, through the provision of a warden, regular contact and fostering community spirit. Ensuring that vacant flats are re-allocated within as short a time as possible commensurate with refurbishing where ne￿ssary. Maintaining the almshouse buildings, which are listed or within the curtilage of a listed building, and ensuring they remain fit for purpose. Managing the investment portfolio and the endowment properties on the estate to ensure maximum income for the almshouses and the Charitable purposes. Public Beneflt The Visitors have reviewed the Chartty Commission's guidance on the requirement to report on public benefit. They are satisfied that the work of the Hospital in providing almshouses, as described above, accords with its stated objects and provides tangible public benefft to those eligible within the area stipulated within the governing document. There are no voids within the almshouse and residents are allocated accommodation following an application process where the resident in greatest need is offered accommodation at the time a vacancy arises. Weekly Maintenance Contributions are paid by residents. Occupalion is by way of a beneficiary licence. Levels of contributions are set by the Visitors taking into account comparable charges such as the Valuation Office Equivalent Fair Rent and the specimen outline budget from The Almshouse Association. Page 4 Company registration number 6906918 Chanty reg¢stratr'on number 1130351

HUGH SEXEY'S HOSPITAL {A charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 ACHIEVEMENTS AND PERFORMANCE This has continued lo be a difficult year with continuing social distancing restrictions being put in place trom mid-march 2020 as a result of the pandemic. The Hospital remained closed to the public throughout the year. and Government guidelines with regard lo social distancing and socialising were enforced. This continues to place challenges on both staff and residents especially for those residents with distant family and friends and the continuation of day-to-day care services that are provided by social setvi¢es. Fortunately, the completion of the community space known as the Blackford Room in October 2020 meant that residents could gather at appropriate distance and support each other. During the year occupancy in the Almshouses remained at capacity and we had no voids. A list of interested potential residents was maintsined and regular contacl was maintained betAYeen them and the Master. The garden continued to provide surplus fruit and vegetable produce which was donated to local charities in Bruton and Vvlncanton. Quinquennial repairs and refurbishment have continued through the year, where possible concentrating on external works. Phase 1 of Ihe new boiler project has been compleled. A Giving Committee agrees the Hospilal's policy for extemal donations, in compliance with the third of the Hospital's objects, and distribute$ funds accordingly. However, in view of the high level of expenditure in the previous and current year, no further amounts have been allocated for giving. Page 5 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL {A eharitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 FINANCIAL REVIEW Flnanclal results Investment income amounts lo £374,94812020.. £381,602). a decrease of £6,65411.7%1. due to a reduction in dividend income. Residents, ¢ontnbulions were increased by 2.50kn from September 2021 and amounted to £169,81412020.. £166,537). After receipt of donations amounting lo £18,14812020.. £221.5751, including £9,050 {2020.. £216,720) received towards the Blackford Room. total income reduced by £206.803 10 £562,911. Expendf(ure on raising funds comprises costs of managing and maintsining the investment properties. managing the investment portfol¥), and fundraising towards the Blackford Roorn, and amounted to £101,970 12020". £133.4741, a decrease of £31,504 whieh was largely attributable to decreased fundraising wsts (charged as a pereenlage of amounts rai5edl. Hospital operating costs have increased by £148,977 to £449.984 12020.. £301.0071. Day-tt>day running osts have increased by £77,979 due to increased costs of staff and utilities, and Hospital repair cost5 have increased by £70,743 10 £133,112- these by their nature fluctuate significantly from year to year, as various repair projects are carried out, which was further impacted by Covid-19 which meant that scheduled works had been deferred into the year ended 31 October 2021. Administration and govemance costs have increased by £30,982 due lo increased accountancy and administration costs. External grants lo bcal sch￿)1$ amounted to £932 {2020.' £932). Exceptional costs of £156,411 were incurred in the year12020.. £1,1￿,125). The majonty of these were the costs of completino the heating project, whith amounted to £79,979. In addition. £31,295 was incurred in completing the Blackf¢rd Room, £36,265 was incurred in connection wth ongoing development schemes for various inve51menl properties. and £8,872 was incurred in respect of professional fees for future E$E*e planning matters. After inclusion of all expenditure, which amounted to £767,260 {2020: £1,624,137) including exceptional costs, there was an overall deficf( for the year, before inclusion of gains on inveslmenls. of £204,34912020'. £854.423 deficill. The Estate properties were r&valued by the Hosprtal's Agents, Fowler Fortescue, at 31 October 2021. which gave rise to a gain of £2,897,138. There was a further increase of £479,204 in the value of the investment portfolio {2020.' £79,308 increase in value). After including all expenditure on the Blackfofd Room and invest￿￿nt gains, overall fvnds have increased by £3,171,99312020'. £775,115 decrease) and amounted lo £20,087,948 {2020.. £16,915,955) al the year- end. The Endowment Fund increased in value by £3,222,211 12020.. fell by £837,532) and anx)unted to £19,551.72912020.' £16.329,5181 at the year-end There was an unrestricted doficit of £50,218 arising in the year 12020.. Surplus of £62,417), therefore Unrestrided Fund$ decreased to £536,21912020'. £586,437). Page 6 Company registration number 6906918 Charty registration number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 Informatlon on Fundraising Agreements with Thlrd Partles las required by the Charities Act 20161 Hugh Sexey's Hospital engaged Complete Fundraising Ltd lo assist with fundraising towards the cost of the Blackford Room. In the year lo 31 October 2021, they raised a total of £9,050 {2020.' £156,720), at a cost to the Hospital of £2.389 inclusive of VAT12020.. £45,272). The actNf(ies of the fundraisers were regularly reviewgd by the Visitors and the Master during the year., they adhere lo the Inslrtute of Fundraising guidelines for dealing wf(h vulnerable people, and no wmplainls were received in respect of the fundraising activities carried out on behalf of the Hospital. Herltage A$sets - Hospital propertigs In 2004 a desktop valuation of the Hospital was carried out. based on existing use values, which attributed a value 01 £1,100,000 lo the Hosprtal. In view of the historic nature of the buildings and their central place within the activities of the Hosp((al, the Visi(ors do not believe that the cost of further fevaluat￿n$ can be juslrfied. In order lo ensure that the Hospital properties are kept fully maintained, the Visitors have a poliey of undertaking quinquennial review5 of the slate of the building5 - this review was carried out during 2018 by the Hospital's architects and a costed prograrnme of works drawn up to cover all matters identified. In Odober 2020 the Blackford Room was completed, al a total cost of £1.25m', the Visitors consider that this ¢ost fails lo meet the test for capi(alisation of expendrture as there is no subsequent economic benefit arising from this expendrture, and no new Charitab￿ oulpuls, so il has been fully written off against Endowment Funds - there was a residual cost of £97.683 which was written off against the Income Fund in the year ended 31 October 2020. Investments Hugh Sexey's Hospital is a pemianenl endowment, wfth assèts held in perpeluty. The investments comprise agricultural and residential properties, which comprise 79°A12020.' 78°Al of the value of the investments, and an investment portfolio. The Visitors regularty review the constituent parts of the Hosprtal's endowment, to monrtor the balance btheen the values of the investment properties and the Stock Exchange investments but ￿alIse that wrth fluctuations in values, the ratio will ¢hange over lime. Investment Properties The Visitors employ agents, Fowler Fortescue. to manage their investment properties, known as the Blackford Eslale. and a long-temi management strategy is being implemented. 11 is not possible to adopt a Total Asset Return basis for the investment properties as their illiquKI nature means r( is impossible to withdraw any ￿n￿aliSed gains without disposing of properties. Fowler Fortescue carried out a desktop revaluation of the Eslale on an Open Market Value basis at 31 October 2021, valuing the properties at £15,028.548, an increase in value of £2,897.138 which was credited to the Permanent Endowment Fund. A review of the agents was carried out in 2021 and after a eompetilive tender exercise. F¢)wler Fortescue have been reappointed. Quotgd Investrnent Portfolio The Visitors adopted in 2011 a Total Return approach to investment management. All investment reluins, whether income or realised and unrealised gains and losses, are brought into the Pemianent Endowment Fund and the Visitors then agree an annual transfer from tho accumulated unapplied lolal retum lo the Income Fund. to subsidise the running costs of the Hosprtal. The Visitors believe this gives a fair balance between the interests of current and future beneliciaries. In 2011 the Pem)anent Endowment investment5 were valued al £2,271.405. A furthei £1,497,619 has SUbseqLtenl￿ been invested, and eash 01 £1,140.343 was wrthdrawn lo fund the Blackford Room construction. Therefore. the balance stands al £2.628.68112020.. £2.628,681) Pag8 7 Company Tegistration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL (A charrtable company limFted by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021 Aftgr discussions with the investment managers the annual transfer to the Incc¥ne Fund was Set al 3% of the opening value of the portfolio (excludin9 cash balances). or £101.200. Total investment returns in the year amoLFnled lo £545,971 12020. £153,932} actual income received of £104.654 was slightly more than the target so this amount has been credf(ed lo the Income Fund, leaving £441,317 credf(ed lo Unapplied Total Relum. Therefore. the cumulative balan￿ since the policy was adopted now amounts lo £1.203,289 {2020.' £761,972>, When added lo the Cap+tal balance. the closing portfolio has a value 01 £3,831.970 12020.. £3.390.653}. RESERVES POLICY At the start of tho year, total unre5tricled funds were in surplus by £586,437. During the year, unreslrieted funds have decreased by £50,218 to amount to £536,219 at the year-end. Under the terms of the Hospital's govorning documenls. the Visitors are obliged lo maintain the Hospi(al. which is a Grade I listed building and inalienable, and they believe it prudent to maintain reserves in a designated Building Fund lo all¢)w them lo cover an1￿1Pated repair costs for both the Hospital and the investment properties. The Visitors conshlered the amount that should be held, in light of the works revealed in the quinquennial survey of the Hosprtal Carried out in 2018, which We￿ costed al £230,000, and decided that a fund balance of approximately £240,000 is appropriate. This year a transfer of £130.000 12020.. £130,000) ha5 been made into the Building Fund. Expendiluie amounted to £162,149, giving rise to a deficit of £32,149, so the closing Fund balance amounts 10 £244.362 12020.. £276,511). Costs are higher in the year because works which had been scheduled for 2019-20 were deferred into 2020-21. The Visitors are of the opinion that the closing balartce held wtthin the Buikling Fund is sufficient lo fund foreseeable repair costs. The Hospital has a Residents Bequest Fund, comprislng amoun18 left to the Hospital in prevlous years which have been designated to provide benefi(s for resKlenls", this has been invested and is managed by the inve$lmenl managers. During the year, due to the cancellation of resitlents, events, there was a surplus of £610,. after including an increase of £10,826 in the value of investments. the fund increased by £11,236 to amount to £104,22812020.' £92,992} at the yearond. The unrestricted Income Fund, being amounts that have not been designated by the Visf(ors, as described above, has decreased by £29,305 duiing the year lo sland al £187,62912020". £216,934) al the year*nd. Thi$ represents approximalety six months of Hospital operating and administration costs. which the Visrtors consider to be a prudent level of reserve5. PLANS FOR FufuRE YEARS The overall plans are lo keep the almshouse accommodation fully occupied by eligible residents and lo maintain a good Community spirrt wilhin the Hospital by continuing to employ experienceé stsff, keeping the fabric of the Hospital in good order, ensuring as far a8 possible that the Almshouses are surtable for the changing needs of an older population, and to maintain the value of the Hospitsl's endowment, with a view to passing the Hospital on to future generations. The Visitors will continue lo maximise the income from the endowment to the charity through estate management advised by Fowler Fort￿Ue land agents. There a￿ potential landlord liabilities identified in relation lo the ieplacement of buildings and fittings and the agents are advising on options avaiLqble to the Visitors. In this regard there are plans to re4evelop certain areas of the estate, subject to the required permissions for charity land disposal, which will ensure sustained income from an efficient estate into Ihfr medium lo long term. Page 8 Company registralvjn number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL

(A charitable company limited by guarantee)

REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2021

With the recent completion of the capital project to provide a community room within the Hospital, Visitors are concentrating on a repairs programme identified in the quinquennial surveys.

VISITORS' RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The Visitors (who are also directors of Hugh Sexey's Hospital for the purposes of company law) are responsible for preparing the Report of the Visitors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Visitors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Visitors are aware:

• there is no relevant audit information of which the charitable company's auditor is unaware; and

• they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under Section 415a of the Companies Act 2006.

Approved by the Visitors on 5 July 2022 and signed on their behalf by:

Mr J Buxton - Chairman of Visitors

Page 9

Charity registration number 1130351

Company registration number 6906918

HUGH SEXEY'S HOSPITAL IA charitable company limffed by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEYS HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2021 Opinion We have audited th8 financial statements of Hugh Sexey3 Hospitsl (the 'charitabl8 cornpany'l for the year ended 31 October 2021 which comprise Staternent of Financial A¢tivitie$. Balan￿ Sheet. Cashflow Ststernent and notes to the financial statements, including a summary of significant accounting pclicies. Th8 finanei81 reporting framèwork Ihat has been applied in their preparah'on is applicable law and Unitèd Kingdom Accounts"ng Standards, inclLKling Finan￿￿1 R8POrting Standard 102 The FAnanc1alRgpo￿ng Standardapplicable in th& UKand Republic of Irelandlunited ￿ngdoM Gen8rally Accepted Accounting practi￿). In our opinion the financial statèmènts". give 8 true and fair Mew of the state of the charitable company's affairs as at 31 October 2021. and of its inc4)rning resou￿$ and application of resourees, including its incomp and 8x￿nditur9. for thè y6ar than andèd". have been properfy prepared in accordance wth United KiThJdom Generally ACr￿ptaI Accountin9 Practic£', and have been prepared in accordan(￿ wth the rèquirements of the Companie5 Act 2006 B￿1¥ for opinlon conducted our audit in accordan￿ wth Intern￿Onal Standards on Audlting IUKI IISAS IUKII and ap￿1¢able law. Our responsibilitBs under those standards are fiJrth&r described in the Auditor's responsibilities for the audit ol tho financial statamèntS Section of our report We are independent of the charitable company in accordan￿ with the ethical rèquirernants that ar8 relevant to our audit of Ihe financial staterrents in the UK. induding the FRC'S Ethicl Standard, and wo have fulfille(l our othar èthul rèsponsibilit￿$ in acwrdanca with these requir8m8nts. that the audit eV￿ance we have obtained i% SUffic￿ant and appropriat8 to providè a basi$ for our ownion. CO￿luSIonS relatlng to golng concom In auditing the finanual statements, we have conduded that Ihe trustses. use of the going concem basis of accounb.ng in the preparats.on ol the financAal ststements ts appropnate. Based on the work we have perforrned, we have not identified any rnaterial uncertainb.es relating to events or conditions that, indiwdually or collectively, may cast swnificant doubt on the charity's ability to conbnue as a going concem for a period of at least tsyelve months from when the finanoal statements are authorised for issue. Our rèsponsibilitias and thè r85ponsibi1￿es ol the trustees with respect to goin9 COn￿M are described in the relevant S8cticff5 01 Ihis raport. Oth•r InfOrMa￿on The Visitots a￿ responsible for thè other information. Thg Other infomi8tion cornprists Iht inforrn81ion included in the Report ol the Visitors, other than the finanaal ststements and 0￿r auditorfs rèport thereon. Our opinion on the financial statements does not cover the other information and, exceptto the extent otherwise eXplic￿Y stated in our ￿pOrt, we do not express any fom of assurance eoncluslon thereon. In connection with our audit of the finanrial sts¢ements, our responsibilty is to read the other inforrnaty'on and, in doirrfJ so, consi(*T whèth8r thg other infomation rnaterialty inconsistent wth the financial $taternents or our knowledge obtained in the audit or otherwise appea￿ to bè rnaterially misStat8d. If we identify such mat8rial inconsu8tencie5 or apparent material misstatements, we are required to deterrnine whether ther& 15 a material misstaternent in the financial statements or a material misstatement ol th& other Informats"on. 11, based on the work we have perf¢)rrned, we wnclude that there rs a materi81 rnisstatèment of this other InloFrn8tirm. we ar8 required to report Ihat fact. We h8v• nothing to report in this regard. Oplnlons on othèr mattgrn pro¥¢rI￿d by tho Compan1￿ Act 2006 In our cpinion. based on the wort( undertaken in the course of the audit.. P￿10 Company registration number 6906918 Charity registration number 11303S1

HUGH SEXEY'S HOSPITAL IA ¢harrtable company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEYS HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 20211continued) the informth.on givan in thè Raport olthè Visitors (incorporating the diractors, raportl for thè finane181 year forwhich the financial statements are prepared is consistent with the financial statements.. and the directors, report has been prepared in accordance with applicable legal reqU1￿Ments. Mattèrs on whlch we are r•qulrod to report by ?¥¢?ptlon In thg light of our know￿￿98 and undèrstanding of tha charitable company and its gnwronmant obtainwj in tha cours¢ of the audit. we have not irJgntifi8d material mis$tatgments in the directors. report W8 have nothing to report in respect of the following matters in relatron to which the Companie5 Act 2006 requires us to raport to you il, in our cpinion.. adequate accounting records have not been kept. or retums adequate for our audr( have not been ￿Ceived frorn br8nchos not visited by us,. or the finanryal slaternents are not in a9re8mnt with the accauth.ng records 8nd r8tums', or certain disclosures of d1￿ctors, remuneration specifred by law are not made., or wa have not received all the infom)ation and explanations we require for our audrt., or the Visitors were not entitled to prepare the financial statements in accordance wrth the srnall companie5, regime and take advantage of the small comparries, exemptions in preparing the directors, report and from the requirement tc prepaTe a strategic report. R8spon$lbilllleg of Vl$ltoYs As explained more fully Inthe Visrtors. re5ponsiknlitres statement setout on page 8, the Visitors (who are alsothe directors ol the charitsble company for the purposes of ¢ornpany lawl are responsible for the preparation of the finanrial statements and forbeing satisfied thatthey give a true and fair view, and forsuch internal control as the Visitors determine is ne¢ossary to ènablè the prèparation ol financial statamènts that are free from matèrial misstalèmènl, whathèr due to fraud or error. In prepanng the financial statements. the Visitors are responsible for assessing the charitable company's ability to contynue as a going Con￿M, di5c105ing. as applicable, matters rtlated to going concem and using the going con￿rn basis ol accounting unless th8 Visrtots gither intelld to liquidat8 the charitablg wmpany or Its ¢ease Operations, or have no realists"c altemative but to do so. Auditt>r'¥ re•porrdibilitie# for the audit of tha fjnancial #tatementJ Our objectives are to obtain reasonable assurance about thether the financial statements as a whole are free from rnaterial misstatement, whether duo to fraud or error, and to issue an auditor's ￿port that indudes our ¢¥Jinion. Reasonable assur8nee is a high lèvel of 8s3uran(E but 15 not a guar8nts8 that an audit conductèd in accordano with ISAS IUKI will always detect a material misstatement when it exists Misstatements Can arise from fraud or error aThJ are considèred material if, indiwdually or In the aggregate. they could reasonably be expected to Influen￿ the economic deci5ion5 of users taken on the basi5 01 these financial statwnents. Irwularits'es, including tral￿. are instan￿$ of non-cornplian￿ with laws and ￿gUlatiOns. We desvJn procedu￿$ in line with our r85ponsibilib.es, outlined abova. to dètect material misstatements in respect ol Irregularities, including fraud. The extent to which our proc•duras arè capabla of detècting IrregULarit￿9. ineludirKJ fraud is dètailed b610w. Discussions with management. induding consKlerat'on of known or suspected instances of non-compliance with law5 and regulations and fraud.. Understsnding of management's intemal controls designed to pr8venl and delect irregul8ritEs. and fraud., Reviewing the minutes of Board of Trustees meetings". De5igrFiry audrt proodurès to incA)rporale unpredi¢tability around thtr llalu￿. timing or gxtenl of our losting 01 expenses.. Performing 8natybcal procèdurès to Klènb"fy any unusual or unexpactad ralth"onships ts)at mKJht ind1eat& risks of rnaterial rnis5tat8m8nt du8 to fraud". ReviewiThJ of the financial statements disclosures and iesiing to 3UPPOrting documentation to assess ctsmpl1an￿ with relevant laws and regulations discussed above., Ident'fying and tésb.rtg ioumal entries. in parts'cular any joum81 enlrieswith traud ¢hara¢lerists'¢s $u¢h asjoumais with round numbers. Because of the 1nherent lrnrtations of an audit, there IS a risk that we will not d8t8Ct all irr8gulatits8s, including those leading to a material misstatement in the finaFKial ststements or non-COm￿lance with regulation. Page 11 Company wistration number 691%918 Charity regislralion number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEYS HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2021 (continued) Audltorfs r•#pon$lbilitias for tho audit of the financlal $latsments lcontlnugdl This risk increases the rnore that Complian￿ with a law or reguLats'on is removed trom events and transactions rellected in the finana81 stat8rnonts, a5 we will b8 1885 likely to b8wme aware of instances of non-(x)mplI8n￿. The risk is also greater regarding irregularit￿S occurring due to fraud rath8r than error. as fraud invofve5 inten*'onal con￿al￿ert lorggry. coIIu5ion. omission or rnisrepresentation. A further descrip￿On of our responsibilities for thè audit of Ihe finanrial statsrnents is located on th8 Finanryal Report'ro Counul'$ wèbsrtè at. www.fr¢.org.uklauditorsresponsibilities. This description forn￿ part of our aLKJitorfs report. U¥e of our report This ￿port 18 mad& 501ely to the ¢h8ritable company's members. as a body. in accordance with Chapter 3 of Part 18 01 the CompanEs Act 2006. Our aLKlit work has been undertaken so that we might stste lo the tharitsble company's members those matters we are required to state to them In an auditOl'5 report and foi no other purposo. To the full88t extent permitted by law, we do not a¢￿pt orassume responsibility to anyone other than th8 charitable cornpany and t tharitabb company's members as a body. for our audit work, for this report, or for the opinions we have foryned. J8mas Gare Isènior Statutory Auditor) for and on behaw of Mon8hans statutory Auditor Chartered Accountants Fortescue House, Court Street Tiowbridga, Wltshira BA14 8FA 11 July 2022 Page 12 Company registration number 69C6918 Charty registration number 1130351

HUGH SEXEY'S HOSPITAL IA ch8ri1able company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCT08ER 2021 Endowsnènl Funds Resiridod Vnrostrictsd Funds Funds Y•tal 2021 Total 2020 NolE In¢offla from.. Oonabons Charitable actimb.es Instmenl a¢b44ties 9.050 9.098 169.814 270.295 18,148 169.814 374,948 221,575 166,537 381.602 104.654 Tot•1 In¢om• 113.704 449.207 562,911 769.714 £r￿n￿￿￿T on.. Ra￿￿n9 FundB 29.650 72.320 101 970 133.474 Charltabl• actMtkn•: Hospital operating cotsts mlnlstrabon costs External grants Exeptyonal ￿$ts s0￿Man¢S Costs 13,775 436209 51.731 932 33.506 6232 301.007 20,749 932 1,162,125 5,850 3b at 81.731 932 122.905 8332 122.905 13.775 528.610 66S,290 1,490,663 Total X￿nd#￿r• 152.555 13.775 600,930 767260 1,624,137 Ntytaxp•rKlturè t•1￿ galm 1380611 113.7761 1151.7231 1204,3491 1854,4231 N•t 9alM on In¥•$tmgrts: In￿sIMent propeTbeS $￿ent portfolio 78 7b 2.897,138 4fj8,578 2.897.IJB 479304 10,626 79,308 Nwt Incom• Il•xpondhuro1 b•lore tranifor8 3,326,865 113,7751 1141,0971 3.171193 Tranifom b•￿18•n fund 13&14 1104,6541 13.775 90.879 Ntmo￿rnenI Inlunds 3,222211 IS02181 3,171193 1775.1151 FurKI bJknnc•J brought lorward 18.329.518 586,437 16,glSgSS 17.691.070 Fund bbtsnces ¢•rr1•df0￿ard 19.551.729 536219 20 087 16,915,955 The above rgsull$ relae wholly lo continuing aclivrties,. there were no recognised gains or losses other than those included above. The Slalement of Financial ActNil￿$ also Complies with the requirement to prepare an income and expenditure account contained in the Companies Act 2006. The accompanying accounting policies and notes form an integral part of these financial statements Page 13 Company regislr*ion number 6906918 Charity regiSt￿li0n number 1130351

HUGH SEXEY'S HOSPITAL

(A charitable company limited by guarantee)

BALANCE SHEET AT 31 OCTOBER 2021

Note Fxed assets Heritage assets: The Hospital 6 Invstments: Freehold properties 7a Invstment porolio 7b Current assets Debtors 9 lnterfund balances 10 Cash at bank and in hand Creditors: amounts falling due within one yar 11 Net current assets/ (liabilities) Total assets less current liabilities Capital funds Permanent Endowment Fund 12 Income funds Restricted 13 Unrestricted 14	Endowment RestrictedUnrestricted Total Total Funds Funds Funds 2021 2020 £ £ £ £ £ 1,100,000 1,100,000 1,100,000 15,028,548 15,028,548 12,131,410 3,831,970 94,262 3,926,232 3,474,289
	19,960,518 94,262 20,054,780 16,705,699
	64,522 64,522 22,587 (453,447) 453,447 70,000 17,112 87,112 398,811
	(383,447) 535,081 151,634 421,398 (25,342) (93,124) (118,466) (211,142)
	(408,789) 441,957 33,168 210,256
	19,551,729 536,219 20,087,948 16,915,955 19,551,729 19,551,729 16,329,518 536,219 536,219 586,437
	19,551,729 536,219 20,087,948 16,915,955

The Visitors have prepared accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Visitors at their meeting on 5 July 2022 and were signed on their behalf by:

Mr J Buxton - Chairman and Director

The accompanying accounting policies and notes form an integral part of these financial statements.

Page 14

Company registration number 6906918

Charity registration number 1130351

HUGH SEXEY'S HOSPITAL {A charf(able company limited by guarantee) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2021 Tot•1 2021 Total 2020 rA$h flw¥ from 4)p•r•tlng aGtfvIJ•• Netoulgwng resources, perstatementof NnanClalpth￿¢I&s 12041491 1854,4231 Pdlu8tsrent¥ br.. DIMdends and bank intere51 Iln¢r88s81 Id8¢rea88 In debto In¢Yeaso Ildecreasel in creditors 1100.0871 141,9361 192.6771 1117,7071 19,2331 21,448 r4etca$h usèd In operalng 447 27 959.915 ¢•¥h flrms from IhN•tstlng k)sbmentincome Netproceeds from tsale of In￿8￿16Th1 proport168 N&tpro¢eads from sale ofln%estrnents Purthases ofintstments 108.087 917,707 No 7a 27261 16,0901 30.254 Natcash generabd from Inw8Ong acti￿￿e5 130238 147.961 Chango In ¢•¥h and ¢4¥h qUfv4￿O¢• In th• rgPOrtlng P•Tlod Cash and Gash ewlval•thts at b•4lnningolth8 roportlnu p•rltyJ 1316.789 1811.9541 401374 1,263,228 Ca#h and ¢a¥h gqufv4hnts •t th• *nd of the r?porttng perlod 451.274 ol¢ash and ¢88h oquJv•lonts Bank Balances Cash held as partof inv2stmenlportfoli¢ 157.112 47,373 398.811 52.463 Total cash and Ixsh equib8lfrnts 134N86 451.274 Page 15 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company Similed by guarantee) PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2021 Ltgal Stat￿ of the Charlty The Charity is a company limited by guarantee. incorporated in England and Wales, and ha5 no share caprtal. In the event of the charity being wound up. the liabilty in respect of the guardntee is limrted to £1 per member of the chanty. The address of the registered office is given in the referen￿ and administratNe details on page 2 of the financial 8tstements and the nature of the charity's operations and principle activits'es are detsiled in the Report of the Visrtors. Statèment of eompllant• The charity constitutes a put11￿ benefit entity a5 defined by FRS102 The Finanual Reporting Standard applicab￿ in the UK and the Republic ol Ireland,. These financial statements have been prepa￿d In compliance ￿th FRS 102, thè Statement of Recommended Practice applicable to chanties preparing thelr accounts In accordan￿ wrth the Finanaal Reporting Stsndard applicabfe in the UK and Republic ol Ireland IFRS 1021 Icharities SORP IFRS 102, the Charities Act 20118nd UK Generally A￿epted AccountiTrJ Practice. Basis of accounting The f5nancial statements have been prepared on Ihe historical eost ba515. as modilied by the ￿Valua￿On of certain fjnancial assets and liabilities and investments measured at lair value through incL)me or expenditu￿. The finanaal statements are p¥epared in stetling, which is the functional currency of the entty. Golng coneem Ther8 are no rnaterial uncertainties about the charitls ability to continue. Judgernents and key sources of est5matlon uncortalnty The Hospital makes estimates and assumptions Conceming the frJtU￿. The rasutting aecountin9 estimatès will, by definrtion. seldom equal the rdated actual results. The estimates and assumptions that have a significant risk ol causing a material adjustment to the carrying amounts of assets and liabilities wthin the next financial year arè add￿$$6￿ below. Valuatlon of Invgstmont property An external independent valuer, having approprK4te recognisad professional qualifutions and current experiènce of th* location and type ol property being valued, values the chanty's Investsnent property. Fair values are based on market values. Market values are the estimated amount for which a property could be exchange(l on the dète of the valuatic betsvegn a willing buyer and a willing SeI￿r in an am's length transaction afler proper rnarketing. Taxa￿On No provision is made for Corporation Tax as the charty is able to claim full ststutory exemption subiect to the proper application ol all its chairtable resources. Liabilities Liabilities a￿ recognised In full in the financial statements a8 soon 89 the obligation arises. Flnanclal instruments Basic financi81 instruments are initially recognised at the amount re￿1V8b1e or payable including any related transaction costs, unks5 the arrangement constitutes a finanang transaction, where rt is recognised at the present value of the future payments d15counted at a market rdle of interest for a similar debt instrument. These include cash, debtor5 Other than prepayrnents, and creditors Other than taxats'on and sockql Security costs and deferred incorne. Current assets and current liabilities are subsequently rnea$ured at the Cash or other consideration expeded lo be paid or re￿Ived and not discounted. Page 16 Company regi51ralion number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA Charitable company limited by guarantee) PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2021 Fund a¢¢ounting P•mi*n•nt endowment.. The Hospital has a pemianent endowment which rt is legally prevented from spending and which must ￿maIn Intsct as part of the Hospital's ce¢)ital. It has invested the endowment to prowde income for its chantable actiwties. Restricted funds.. these are held to te used for specified purposes as laKI down by the governing documents or by the donors Unrestricted lund#". these are other ineorning r850urce5 rer£ived or generated for exrenditure on the general objectives of the Hospital. The V15itors have desvjnated certain of the unrestricted fvnds., they have decided that 5ettin9 asid8 fuThgs in this way is 8 useful finanaal discipline which will help the H05pi181 to rnake the best use of its resources. 8ven though Iherg is no legal force lo the desi9nats"gns. Income and expendlture All Income is recognised in fvll in the 5taternent ol financial activities when the charity is18gally entitled to thè Incoma afterany perfomiance conditions have been met. the amount can be measured reliably, and it is probable that tha incomo will be received Expenditure is charged on an a¢xrua15 ba515 and Is allo¢aled befftn expenditure Incurr￿ on management of the inv85tm8nts. 8xpenditUTe in fvlfilment of th8 H05pitsI's obl'ectives (direct charitable expenditure) and 8XP8fiditure incurred In the gov8rnanee ol the H05Pital. Irrecoverable VAT is chargEd a5 a c05t against tho activity for which the expendrture was incurred. Horftag• A880ts The Hospital B a listed building of ttistorical importance and as its p￿servatIon and conservation is one olthe Hospital's objectives. it is warded as a heritag8 asset and th8 Visitor5 take stgps tr> ensure it Is properfy maintsired. As a result of the age of the Hospital there is no record of any original costs No depreciation is tharged on the Hospital buildings.. the Vrsitors consider thatthis policy is appropriate giv&n ttte historic nabjre ol the buildings and the nature of the Hospital's activities which ensure that the buildings are maintained in an excEllent stste of repair. Investments Investrnent properties are induded in the balan￿ sheet at their estimated market valuè. Investrnent properties 8r8 formally revalued at least every five years by ￿levant professional valuets an(1 a￿ reviewed annually to ernSU￿ that the most re￿nt formal valuation Is still reasonable. No depreciation Is provided In respect of investment prope￿eS 8S these are held for investment an¢J the Visitors considerthat this policy Is necessary to give a true and fair Mew. Listed Investrnents held for Investment purpos65 are stated at market value at thè balance sheet dat8, gains and losses arisiTrJ on revaluation art eredited or debited to th8 appropnate fund through th8 SOFA. CUr￿nt assat investments are short term highly liquid investments held at fair value. Thesa indude cash on deposit and cash equivalents with a maturity of le5S than ono year. Dividends and interest frorn investrnents are Credit￿ to incorne on a re￿Ivable basis. Retlrement ￿nefIts The Hospita1 operates a defir¢ed contribution pension scherne. The pension costs charged against operat'ng income are the contiibuth.ons payable to the scherne in respect of the accounting year. Grants payable Grants are recogriised in the financial staternents when a commitment has ￿eTh made, and there are no condtions to be met ielating to the grant which remain in the control of the charity. Grants w7th pèrfO[man￿ conditions are on recognised in the financial statement5 On￿ the recipient of the grant has provkyed the specified service or oulput. Page 17 Company registration number 69C6918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA char(tab￿ company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Endowm&nl Rgstricted Unre51rict8d Funds Fthds Fund¥ T(tsl 2021 Totsi 2020 1. WKOME 1a1 r)nath)n¥ Towards ￿$ts ofrunnlng the Hospitsl Towards Blatknrd Room de￿19PMent 9,098 4.855 216,720 221,575 9.050 9,060 9.050 9,098 18.148 1bl ¢h•l￿ble acd¥ltkn$ Con￿bU00￿5 from residents 189.814 169 •14 186.537 1¢1 In¥o$tsnot)t1¢ll¥6tt•8 In￿s￿en1pr0petylTrCOme DI￿dendS and bank Interest 286.881 3.414 266I81 101,067 283,895 117.707 104.654 104.854 270,295 374,948 381.602 Totsl Incorn• 113.704 449.207 662.911 769.714 2. UPÈNCffiJREON RA151NG BJNDS Investment property costs= Costs ofEstab management Day-b-dayrep8ir5 and maintenance 43,284 29.037 43284 29,037 44.455 11.534 72.320 72.320 55.989 Brokars m8nagÈmenttse5 Costs offvndraising fi)r Blac&ford Room 7b 27.261 2.389 27261 32.213 45,272 29.650 72.320 101 970 133.474 J. EXPENDiniREON CNARITABLEACTV4mES al H￿pIt￿l OF•ratlng costs Emplo￿76￿1￿)￿ts Other Hospitsl tosts Note 5 749,087 165.878 149￿￿7 lo5￿7¥ 128,658 108.328 Dato4ayrunning G05ts 314.965 314165 236,986 m$house repairts and impr0￿ments Forrner Residents, 8equeste>pendllure 13,775 119,337 1.907 139.112 1,907 62,369 1,652 t3.775 436.209 449,984 301,007 blAdmlnbtr•tbn ¢o•ts ounlancyand charityadministrdtion other a¢Jministrab"on eynses 37.961 13.770 37.961 t3,770 18,150 2,599 S1.731 51.731 20.749 cl exter￿19￿￿nts Grants made to lnsbtyb.ons 932 932 932 41 Lx¢•rrtlonal¢o8ts Hospitsl." BlaGkbrd Room de%Elopmen¢ Hospiial." Fleating Projo¢t Estste.. Msts re hJbJre deiopm8ntsite8 Estste". profèstslonal f¢es re fvlure stsgy 8.661 79,979 36265 24.634 31295 79.979 36365 926.775 173223 52.082 10.045 8.872 122,905 33.506 166AII 1.162.125 Page 18 Company rtyistration number 6906918 Charity fggislration number 1130351

HUGH SEXEY'S HOSPITAL IA charf(able comp8ny limrted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Endowmeni Fund5 R8sffi(ed UnrésM&8d Funds Funds Tail 2021 Total 2020 91 ￿V￿r￿an¢0 Costs diifees 6232 6332 5050 8232 32 5,850 JbJdil and •ccountanGyfees'. (all indusiw olVAfJ dilsoriices N0n4uditsEni￿￿- payoll preparalon 6232 488 5,850 4.TOTAL ExpwniRE staff costs Repalrcosts Exeplonal Crtharf¥)$ts 2021 2020 In$bn8ntpropertycosis In%E5tmentman.¢harges Costof Fundralsers Hospital operating costs ministration wsts External grants E)reptional costs Gornance costs Note 2 Note 7b Note 2 Note 38 Note 3b Note 3c Note 3d Note 38 29.037 43284 27,261 2a69 167.785 51,731 932 72,320 27261 2 J89 449.984 81,731 932 168AI1 6 332 55,989 32,213 45,272 301.007 20,749 932 1,162,125 S,850 149.087 133.112 156,411 6,232 Totsl rv4our¢e# exppnded 149.087 162.149 156,411 299,614 787260 1.624.137 S. STAFF¢OSTS AND AENUMERATION OF KEYMANAGEMEPff PWQW4EL 2021 2020 Staff costs Ouring ihe ￿arWere. Wages and Salaries Emplosers National Insurance conknbulons Oess Emplo￿entAll0w8nceI PefTrsion Ixinknbutions l)917 8,901 2A19 119.444 6.784 2.430 149.087 128.658 I￿oeS and salaries include redundancycosts 8rnounts.ng ¢0 £28,718. rage numb£rofempl0￿es knrthg ypar- 512019-20.. 51. None 9atned in ex955 of£6D,00012019-20 nong). The Truslton¥ld&rs its ￿YMana￿emenipers0nnel comprise the trustses and the VAst&r. The total empltyNent benefits ofthe keymanagemenlpersonnel. inGludiDg emplo￿￿S pension contributioDs, were £39,585 12019-20.. £46,061). 6. HEl￿A￿AsSE[s 2021 2020 Abluation I,100￿00 1,100,000 The Msrtors, afterrec81wng professional a0￿Ce. ha% detemined atlhe Hospi￿1 k% a heritage asset. PS a result ofthe a98 ofthe Hospitsl there are no records ofthe original cos[ the Hospital buildings are included al a de5kiop oluation pm%ide¢J byqualified lu8fS 8131 October 2004. based on eBisb"no use ￿lueS. E>pendthJre irt¢urrtd during the three ￿Or$ ts 31 O¢tobor2021 tsn tr¥ ¢on$tyuction of￿¢ Bla¢kl)rd Room amounted to £1,179,822, comprising £1.011.700 paid lo the contractor. £128,056 of professional fees. and £40.066 of othei o)sb. The Msitor5 con5iderlhatlhe￿ h8s been no o¥er811 increase in the ￿lue oftre Hentage ksetas g re8ullof ihis e)pendiiure, and therefDre thewhole ofthe construction ccsl ha5 been writien off. there are no plans to alf the use ofthe Hospital buil¢Jings. the Msitors do nolbelie¥È thallha f¥)sts of carrlng t)U13nyfvtherre￿lUations of the H05pilal building5 can be justified. Page 19 Company wistralion number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL {A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (contlnued} FOR THE YEAR ENDED 31 OCTOBER 2021 7. IF•￿Tm￿s •) Fr•ohold InNwtrnOrt prop•rU•8 2021 2020 Abeyinning ofthe ￿ar 12.131A10 12,131.410 em8nl Sn ￿ar.. Sales procèeds Profil aTislnD on sales Surplus arising on reluaon Not812 Note12 2￿97.138 Aend ofthe sear 15 028,518 12,131,410 The Hospllal's Land Pgents, Fowlèr Fortetscue, ￿e￿lUed the i￿￿$ne￿IPropertitS on an Open ￿tke1 Value basis 131 1)clober2021.Thi5 produced an unweali$ed gèin on revaluabon of£2.897.138 which has been induded in thfr Ilnandal statemtrnts. the gain being ceditsd to Pètmanenl Endowment Fund. bl porttollo Total Total Petmanenl Endowmanl Unreslrfded.. Forrner Resldents Beque51 2021 2020 Insbn8nl recèi4Ed nagemenl fee5 tharged Funds Inlested I Iviithdrawnl Unapplied tolal return allocated to income 104,654 127,2611 2,517 107.171 111,526 1272611 1322131 12,6171 11,143.3541 1104ffi541 11085151 12,5171 1104.6541 Realised and unreali88d 9ainslllossesl'. Permanent Endowmenl Former Residènts 8èguetsts Note 8 Note14 488.576 488.579 1026 77.630 1.678 10.626 Nelinrrease in porfolio bBlue H1,317 10.628 461.943 11.093,2481 Opening TrRluahon 3.390.663 83.636 JA74289 4,$87.537 Ch)slng ￿lUati 3,831,970 94362 26 32 3,474,289 Hislorical c45t¢fiisted in￿$trn0nts 3.113.793 78.7eo 3.192.553 3,239.258 The Snsfments are held as bllows". 4tstrnèrslporlfolio C8$h b818nces hek1 bybrok8r8 3A78MSg 47J73 3,421.828 52.463 3926232 3,474.289 e end ofthe reporfng perfod the followSng holdlngs compfised mor8 than 5% ofth8 wIu8 ofthe portrolio Sarasin Endowments Fund Class A- Income 378A69 3,421,828 des(yibed In nole 10, ihe pfrrn¥nenlendowmentin¥estrnentpothllo contaln5 £453.447 ofunr8s￿rA8d fvnd5 P￿e 20 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL {A charitable company limilod by guarantee) NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 OCTOBER 2021 8. mOV&I￿lm UWPLwfoTL FI￿￿￿ Unapplied total return 15 calculated from a startdate 0111 AJgust2011. The Hospital¥ pollcy15 10 transferlnto unr&s￿¢i8d Ilncomel fvnds tach sear an arnouni appio>Jmatelyt4ual to 3% ofthè opening ￿lue ofthe Pe￿anent Endowrnenl in￿Str￿ent poldolio. which 15 a￿lIab￿ for tharftsble uses. For2020-21 this transfvr amounlad 10 £104.654. Thi$ is funded trom th& lotol instrnent ffjknms linwrnÈ and gain$, les5 managementtharge51 on the H05pilal In¥estrnents. Tha Msitors Inlond to keep the disribuVon rate underreiiew and adjustas necessaryto take account of preloiling r•les of in¥pslmenl retyjm. 7he amoufttolPemian8nl Endowmani it)Skd underthe Tolal Rèlum batsis comprises. 2021 2020 Tolal ftxd a$se 20,054,780 16,705,699 lude". Her5kye assets." The Hosphal Inglmenl properhes Rèsidènts Bèque$iFund inwsknents Note 6 Note 7a I1.100￿01) 11.100.000) 11S,028,S481 112,131,410) 1943621 183.6361 3031 J70 3.390,653 PerTnanenl Unapplied EThJowmenl lotsl rtr￿M Tolal 2021 2020 A beglnning ofpertod 2.628,681 761.972 3J90,663 4.485,579 In￿strn9ntre￿m&'. Reali$ed and unrealised gain5 InTrRstrnenl income receivable In%eslmenl rnanagornenl G05ts 468.578 104.654 127.2611 468,578 104.6S4 1273611 77,630 108,515 1322131 545.971 1104.6541 441.317 S4S.971 1104.6S41 441,317 153.932 1106,5151 Unapplled tolal retum allocated to income Unapplied toial unallocateu at5ar-end 45,417 A￿dItional ￿ndS in¥ESted I Iwlihdiawnl 11,140,3431 Net￿D￿ment in reporbng period Aend ofperiod 441,317 441.317 1.094,926 2.828.681 1,203289 JM31.970 3.390,653 s descbed In note 10. the p8rnianenl endowm8nl InkvstrM8nl pothllo contalns £453,447 ofunresfficted funds. For simplicitytht calrAJlation of unapplied lotsl reium 15 based on Ihe entire portfolio. 9. WTOPS 2021 2020 In*strnenlincome- rental ineome held bypoents In￿S￿entinG0Me- amounts due from tenants Prepa￿lents and othtrrdebtors 41.$42 4366 10,714 B.591 3.700 10.296 22,587 The ChaTityholds portk)li0s with SaTasin ksel Managemenl.. The Liryer ofihe porfvlio$ makes up partofthe Charfws Endowm8nla$sets. Ihough the In￿Stment porffolio is allocated to endowmentljnd-itindudts a balance of£453.447 ofunre8trlcted fijnds. Th8 Inbrbjnd balances rene¢L¥ this unreslrtciad trlemeni ofthe poryolio. Page 21 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2021 11. CAELITOPS'.AioiTrirs FALLI1￿DiEWIThIN ONEVER 2021 2020 Trade c¥editOY5.' Endowmenl Fund- ie Blackford Room UnrBsknded Funds 25142 145,162 47,566 7,450 10.964 kuua15 and othercreditors Sodal $8tsJrityand otheria>s 10,596 413 118N66 211.142 2021 2020 IncA)me Donations towards Bl8(ford Rortm de￿0Pment Nole1a 216.720 E>Pgntti￿I0 charged against EftdowmenlFunds'. Hospilal.. BlaL4EfrJrd Room ￿ndraIsing costs H05pitsI.' Blathford Room de%lopm8nl Hospital". Heating Project Estate.. costs re bJbJre de¥Èlopm8nl slts Note 2 Note 3d Note 3d Nots 3d 12,J891 16,6611 179,9791 136,2661 145.2721 1829,0921 1173,2231 152,0821 Nete)ytnditure in IhB ￿4T 11163441 1882,9491 Realised galn arising on sale of In$tr)8nl Prope￿OS Unreallsed 9aln artsing on tevdlu#bon otln5tmentPropertiets Nole 7 Note 7 297.138 Unapplied total relurn unalloc8ted 8lJEarnd Note 8 441.317 45,417 N•tmo¥oment In fvndi durlng th• ￿¥r 3322211 1837,6321 Fund balan￿5 broughtfoTh¥ard al startofsear 16J29,618 17.167,050 Fund ty•l•nco ¢arrknd forward tht•nd of ￿•1 19.551,729 16.329,S18 2021 2020 E¥trdordlnary Repalrs Fund E>pendittire during ime srar nual transferfrom incom& account Note 3 Nots 14 113.7701 13,776 113.7751 13.775 Nbt mov•mènt In fundB durlngth? y•ar Fun¢ balanTrs bmughtlorward Jlslartol￿ar FurMI balances carrtBd forward at end of year Under the terms ofkna gorning Orders. the Msilors are required to tr8nsfer8 mSnimum of £e90 into an Extr80rdinary Répairs Fund, to fvnd major long-fenn modern15dbon and rep81ts. The Msitors h8ke dgreed to pro￿de ft)rthe$e repair5 usln9 the Am$hou$è Pssodalon su99&sied cor?￿b￿￿0Th rats5 01£475 pèrflat which produces an annual tslarge of £13,775. Co$L% ofremodelling flats durin9 the >ear exeed this figure- an equal cost ha8 lh81ef￿ been tharged againsithe Fund. Page 22 Company registration number 6906918 Charity registration number 1130351

HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued} FOR THE YEAR ENDED 31 OCTOBER 2021 Incoffle Fund 8uildin95 Fund Former Residents Bequest Gillng Fund Tiial 2021 Total 2020 Surplus4d8fldt) forthe ￿ar located to Building Fund 9.816 1130,0001 1162,1491 130,fy)0 810 1IS1.7231 134,0011 olng resource5 before transfers Tr&nsfpr5 TotsiAssetR?bJm adlust. E8ordinaryRepairs 1120.1841 132.1491 810 1161.7231 134,0011 Not8 7 Note13 104,654 113.7751 104.6S4 113,7751 108.315 113,7751 Outrjoino resouic8s aftertransfe 129.3051 132.1491 810 1601441 60.739 Imestrnenigain Note 7 10,626 10.626 Ih78 Neimomenlln ￿ndS durfno 129,30SI 132,149 11,236 1803181 62,417 Fund balanr￿S ai stsrtofsear 216.934 276.511 92.992 58IAJ7 524,020 Fund •t•nd olyoar 187,629 104.228 S36219 586,437 BulkllnBS Fund Repaits. maSnten8nce and modtrmisabon costs arise efrab¢alL¥orthe seats, ifchar9ed dirtrdyto the In￿me Fund the amounlof surplu5 in anystarcan varygrea¥y The objectollhe Buildings Fund Is to e￿n outthe charge aoainsi the Income Fund bydebiling a rÈgularannual amounlagainst iiand crediting Ihe same to the Building5 Fund against which e>pendI￿re on repair$. maintsnance and modemisatyon is then c8rged. The IAsitOlS considerthatsetbng aside funds in thi5 wayis a useful financial disupline ¥Yhich will helpthg H05Pital to make the be51 use of its resources. en trough ihere ts no legal force to the designalens. &Mng Fund E¥ery￿arkne Msltors decide on the amounts to allocAl8 foreAl8fnal donat5ons b Jocal and regional bènefioaries. In iiew ofthe large cgsh requirement to fijnd the ￿9¢k￿rd Room, rk) ￿￿eramoUnt has been allocated foror8nts. Former Resldtrnts Bequeats Fund From to time Residents ha leftbaquests to the Hospllal. These are keptin a separate fijnd, the income from which 15 made awilable for itsms of ewendilure which will be b the bgnefitofall resKlents, as recommended bylhe House Commit￿? and tndorsed bythe ￿$1￿)rts. 15. CAprrAL COAIMtTMENTS AND CoN￿NI￿r LJAWUTIES A31 Cxtober 2021 and 31 Odober2020 th8r8 were no capital commltrnents orconlng8ntliablllles. 16.TAXATION The charitsble companyis 8￿mpIfrOrn tay3ts.on on Income and galns falling wllhin categorfes cored by Partll. CMaptsr3 ofthè Corporation Ta$ P¢12010 tsr $256 ofthè Ta)ation ¢fChargeable Gains 1992 to the extent that these are applied to Its charitable objectiks. 17. PAThENTS TOMJSTEES A￿coll￿￿ED PERSONS AND RELArn PAATrTRAIISACIIONS Nt) ￿munerab0n orreimbursementofè4)&nses was paid durfng the >arto anyofthe ms]￿r&. The charitable cornpanyhas purchased trj3￿8s.1Iab1LltylnSUra￿ce costyng £1,35612019-20.' £1,2191. The Charfty Commission has confitmed that the M51tors ha%Elhe powerto &kp oulsuch an Insuran￿ policy. No tslated partytransactions knok place dunno tt)e >earor priOr￿ar. 18. LLWLMES OF hlEMBERS Under paragraph 7 ofthe ktmorandum 0f￿s0￿8ty.on all members undertake toconthbute to tho assets oftho chariiable companysuth an 8mountas m8yb8 required. noiexteedinp £1, in the thntofitbeing wovnd up durfng the ￿ar0fMembe￿hip and wlthln one >Parafte￿ar￿5. Page 23 Company registration number 6906918 Charty registration number 1130351

HUGH SEXEY'S HOSPITAL IA charf(able company limfied by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued FOR THE YEAR ENDED 31 OCTOBER 2021 19a. PRIORYEAR COMPARATIVES. STATEMENf OFHM4TrKWL AcnvmES Endowment Funds Restricted Unrestricts(J Funds Funds Total kncorng from: Donations and legacies Charitable actimb.es In￿Sts￿&nts 216.720 4,855 166.537 273.087 221.575 166.537 381.602 108.515 Totsl Ineorno 325,235 444.479 769.714 EX￿n￿tt￿re on: Ralglng Fund# 77,485 55,989 133.474 Charttabkn aetivits81l: Hospitsl operating costs Pdmini5trabon costs External grants E>r£p*"onal tosts G0￿ManCe costs 13.775 287.232 20.749 932 107.728 5.850 301,007 20,749 932 1.162,12S 5,850 1.054.397 1,054,397 13.775 422,491 1,490.863 Totsl •XpÈnd￿Ur• 1,131.882 13,775 478,480 1,624.137 Not expendlture befor• galm I806￿47) 113.7751 134,0011 1854.4231 Ngt galn8 on I￿￿&tmentS. sknent PToperbes In￿stment portfolio 77.630 1.878 79.308 Ngt Income I l?xpendrtur•l before transferg 1729.0171 113.7751 132,3231 1775,116) Transfers belw•èn lund8 1108,5151 13,77S 94,740 Net movement In funds {837A321 62A17 1775,1161 Fub)d balancos broughtfr•Trward 17.167.050 524,020 17,691.070 Fund balanc•8 ¢arrlgd lo￿ard 16.329A18 586N37 16,915,955 Page 24 Company registrat￿ number 6906918 Charty registration number 1130351

HUGH SEXEY'S HOSPITAL IA Charilab￿ company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 OCTOBER 2021 19b. PFIJOR YEARCOMPAPATIVES . eALANCEsIEf AND HJ4DS Endowment Funds Restricted Unrestricted FunLIs Funds Total 2020 Axed •ssets Heril89e 355ets. The Hospl¢al 1,100.000 1,100,000 In￿SIme￿ts.. Freehold properbe$ In%estrnentportfolio 12.131.410 2,895.038 12,131N10 3,474,289 579.251 16.126.448 579.251 16,706,699 ¢urront Js5•ts Debtors Cash at bank and in hand 22.587 48.811 22,587 398,811 3SO.000 350,000 71.398 421.398 Credttors.. amounts tslllng due within one year 1146,9301 1642121 1211.1421 Nwt curtgntss•ts Illlabllltksl 203,070 7,186 210.256 Total assèts 1088 current Ilabllllb•s 16.329,518 586N37 16.91S,955 Capltal funds Pem)anent Endowrnent Fund 16,329.518 16.329.518 Incom• fund5 Restrlcled Unrestricted 586,437 586A37 16,329 510 586N37 16,915,955 UPESThrn FUNDS COMPRISE. Income Fund Bulldings Fund Fomier Residents Bequest GI￿n9 Fund Total Surpluslldeficitl for the Far Alocate¢J lo Building Fund 38,543 1130.0001 173.9031 130.000 1.359 134,0011 l)Jtgoing resource5 befo￿ transfer5 191.4571 56.097 1.359 134,0011 Transfers Pemianent Endowment Ethor(Iinary RepaiTS 108.515 113.7751 108,545 113,7751 (Xjtgolng re$ource5 aftertransf¢ 3.283 56.097 1.359 60,739 In￿￿trDentI0sseS 1.678 1,878 Netde¢rea5e in fttnds during yEar 3383 S6.097 3.037 62A17 Fund balances atstsrtof￿ar 213.651 220,414 89.955 $24fv20 Fund ba14ncs *t•nd of y•ar 216.934 276A41 92.992 586N37 Page 25 Company registration number 69C6918 Charity registration number 1130351