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 proo*durès 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
In*stmenl 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
$￿ent portfolio
78
7b
2.897,138
4fj8,578
2.897.IJB
479304
10,626
79,308
Nwt Incom• Il•xpondhuro1 b•lore tranifor8
3,326,865
113,7751 1141,0971 3.171193
Tranifom b•￿18•n fund
13&14
1104,6541
13.775
90.879
N*tmo￿rnenI Inlunds
3,222211
IS02181 3,171193
1775.1151
FurKI bJknnc•J brought lorward
18.329.518
586,437 16,glSgSS
17.691.070
Fund bbtsnces ¢•rr1•df0￿ard
19.551.729
536219 20 087
16,915,955
The above rgsull$ 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<br>**Fxed assets**<br>Heritage assets: The Hospital<br>6<br>Invstments:<br>Freehold properties<br>7a<br>Invstment porolio<br>7b<br>**Current assets**<br>Debtors<br>9<br>lnterfund balances<br>10<br>Cash at bank and in hand<br>Creditors: amounts falling due<br>within one yar<br>11<br>**Net current assets/ (liabilities)**<br>**Total assets less current liabilities**<br>**Capital funds**<br>Permanent Endowment Fund<br>12<br>**Income funds**<br>Restricted<br>13<br>Unrestricted<br>14|Endowment<br>RestrictedUnrestricted<br>**Total**<br>Total<br>Funds<br>Funds<br>Funds<br>**2021**<br>2020<br>**£**<br>**£**<br>**£**<br>£<br>**£**<br>1,100,000<br>**1,100,000**<br>1,100,000<br>15,028,548<br>**15,028,548**<br>12,131,410<br>3,831,970<br>94,262<br>**3,926,232**<br>3,474,289|
|---|---|
||19,960,518<br>94,262<br>**20,054,780**<br>16,705,699|
||64,522<br>**64,522**<br>22,587<br>(453,447)<br>453,447<br>70,000<br>17,112<br>**87,112**<br>398,811|
||(383,447)<br>535,081<br>**151,634**<br>421,398<br>(25,342)<br>(93,124)<br>**(118,466)**<br>(211,142)|
||(408,789)<br>441,957<br>**33,168**<br>210,256|
|||
||**19,551,729**<br>**536,219**<br>**20,087,948**<br>16,915,955<br>19,551,729<br>**19,551,729**<br>16,329,518<br>536,219<br>**536,219**<br>586,437|
||**19,551,729**<br>**536,219**<br>**20,087,948**<br>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 ofin*tstments
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$tsnot)t1¢ll¥6tt•8
In￿s￿en1pr0petylTrCOme
DI￿dendS and bank Interest
286.881
3.414
266I81
101,067
283,895
117.707
104.654
104.854
270,295
374,948
381.602
Totsl Incorn•
113.704
449.207
662.911
769.714
2. UPÈNCffiJREON RA151NG BJNDS
Investment property costs=
Costs ofEstab management
Day-b-dayrep8ir5 and maintenance
43,284
29.037
43284
29,037
44.455
11.534
72.320
72.320
55.989
Brokars m8nagÈmenttse5
Costs offvndraising fi)r Blac&ford Room
7b
27.261
2.389
27261
32.213
45,272
29.650
72.320
101 970
133.474
J. EXPENDiniREON CNARITABLEACTV4mES
al H￿pIt￿l OF•ratlng costs
Emplo￿76￿1￿)￿ts
Other Hospitsl tosts
Note 5
749,087
165.878
149￿￿7
lo5￿7¥
128,658
108.328
Da*to4ayrunning G05ts
314.965
314165
236,986
m$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 de*iopm8ntsite8
Estste". profèstslonal f¢es re fvlure sts*gy
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
Tai*l
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
Go*rnance 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)9*17
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
Ab*luation
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 al*f 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 re*lua*on
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 c*editsd to Pètmanenl Endowment Fund.
bl porttollo
Total
Total
Petmanenl
Endowmanl
Unreslrfded..
Forrner
Resldents
Beque51
2021
2020
In*sbn8nl 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
10*26
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 Sn*sfments 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
3*78A69
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 UWPLwfoT*L 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 in*strnent ffjknms linwrnÈ and gain$, les5 managementtharge51 on the H05pilal In¥estrnents.
Tha Msitors Inlond to keep the dis*ribuVon rate underreiiew and adjustas necessaryto take account of preloiling
r•les of in¥pslmenl retyjm.
7he amoufttolPemian8nl Endowmani it)*Skd underthe Tolal Rèlum batsis comprises.
2021
2020
Tolal ftx*d a$se
20,054,780
16,705,699
lude".
Her5kye assets." The Hosphal
In*glmenl 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 at5*ar-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 desc*bed 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 ONEVE*R
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 otln*5tmentPropertiets
Nole 7
Note 7
2*97.138
Unapplied total relurn unalloc8ted 8lJEar*nd
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 go*rning 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.
E*8ordinaryRepairs
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
Neimo*menlln ￿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¥o*rthe 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 c*8rged.
The IAsitOlS considerthatsetbng aside funds in thi5 wayis a useful financial disupline ¥Yhich will helpthg H05Pital to
make the be51 use of its resources. e*n 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 ￿$1￿)rts.
15. CAprrAL COAIMtTMENTS AND CoN￿NI￿r LJAWUTIES
A31 Cxtober 2021 and 31 Odober2020 th8r8 were no capital commltrnents orconlng8ntliablllles.
16.TAXATION
The charitsble companyis 8￿mpIfrOrn tay3ts.on on Income and galns falling wllhin categorfes co*red by Partll.
CMaptsr3 ofthè Corporation Ta*$ P¢12010 tsr $256 ofthè Ta)ation ¢fChargeable Gains 1992 to the extent
that these are applied to Its charitable objectik*s.
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 curtgnt*ss•ts Illlabllltk*sl
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
UP*ESThrn 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 ba14nc*s *t•nd of y•ar
216.934
276A41
92.992
586N37
Page 25
Company registration number 69C6918
Charity registration number 1130351