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2022-10-31-accounts

Report ofthe Visitors 2-9
Independent
Auditor's		 Report
Statement
offinancial		 activities 13
Balance sheet 14
Cashflow Statement
Accounting
policies		 16-17
Notes to the financial statements 18-25

TATEMENT OF F
OR THE YEAR E		 INANCIAL
NDED 31 O		 ACTIVITI
CTOBER		 ES
2022
Endowment Restricted Unrestricted Total Total
Note Funds Funds
f		 Funds
E		 2022
6		 2021
income from:
Donations
Charitable
acbvities
Investment
activities		 1a
1b
1c		 97,635 4,941
162,766
272,304		 4,S41
162,766
36S,939		 18,148
169,814
374,948
Total income 97,635 440,011 537,646 562,911
Expenditure
on:
Rais ing Funds 26,584 87,363 113,947 101,970
Charitable
activities:
Hospital operating costs
Administration
costs
External grants
Exceptional costs
Governance costs		 3a
3b
3c
3d
3e		 74,482 13,775 443,684
57,481
932
670
7,743		 457,459
57~1
932
75,152
7,743		 449,984
51,731
932
156,411
6,232
74,482 13,775 510,510 598,767 665,290
Total expenditure 101,066 13,775 597,873 712,714 767,260
Net expenditure
before gains		 (3,431) (13,775) (157,862) (175,068) (204,349)
Net gains on investments:
Investment
properties
Investment
portfolio
Lease surrender		 7a
7b
11		 1,068,376
(400,725)
(650,000)		 (11,218) 1,068,376
(411,943)
(650,000)		 2,897,138
479,204
Net income I (expenditure) before transfers 14,220 (13,775) (169,080) (168,635) 3,171,993
Transfers
between
funds		 13&14 (97,635) 13,775 83,860
Net movement
in funds		 (83,415) (85,220) (168,635) 3,171,993
Fund balances brought forward 19,551,729 536,219 20,087,948 16,915,955
Fund balances carried forward 19,468,314 450,999 19,919,313 20,087,948

AT 31 OCTO BER 2022
Endowment Restricted Unrestricted Total Total
Note Funds
ir.		 Funds
E		 Funds
I.'		 2922
6		 2021
E
Rxed assets
Heritage assets: The Hospital 1,100,000 1,1QQ,QQQ 1,100,000
investments:
Freehold properties 7a 14,333,863 14&333,863 15,028,548
investment portfolio 7b 3,207,661 83,044 3&298&765 3,926,232
18,641,524 83,044 18,724,568 20,054,780
Current assets
Debtors 9 1S,261 19,261 64,522
interfund
balances		 10 (381,272) 381272
Cash at bank and in hand 1,656,062 30,912 1,888,974 87,112
1,476,790 431,445 1&998+35 151,634
Creditors: amounts
falling due
within one ~ar (650,000) (63,490) (713,499} (118,466)
Net current assets 1(liabilities} 826,790 387,955 1,194,745 33,168
Total assets less current liabQIttes 19,468,314 450,999 19,919,313 20,087,948
Capital funds
Permanent
Endowment		 Fund 12 19,468,314 19+68,314 19,551,729
Income funds
Restricted 13
Unrestricted 14 450,99S 458,999 536,219
19,468,314 458,999 19,919,313 20,087,948

OR THE YEAR ENDED 31 O CTOB ER 2022
Total Total
2022 2021
6 r.
Cash flows from operating
activities
Net outgoing resources,
per Statement		 of Financial Activities (175,068) (204,349
Adjustments
for:
Dividends
and bank interest
(Increase} / decrease
in debtors
Increase
/ {decrease} in creditors		 (108,281)
45/61
595,023		 (10&,067
(41,935
{92,677
Net cash used
in operating
activities		 356,935 447,027
Cash flows from investing
activities
Investment
income		 108/81 108,067
Net proceeds
from sale ofinvestment
Net proceeds
from sale ofinvestments
Purchases
ofinvestments		 properties Note 7a 1,789,500
250,129		 27,261
(5,090
Lease surrender (650,000)
Net cash generated
from investing		 activities 1,497,910 130,238
Change
in cash and cash equivalents		 in the reporting period 1,854,845 (316,7&9
Cash and cash equivalents
at the beginning		 ofthe reporting period 134,485 451,274
Cash and cash equivalents
at the end		 of the reporting period 1,9&9,330 134,485
Analysis ofcash and cash equivalents
Bank Balances
Cash held as partofinvestmentportfolio		 1,888,974
100,356		 87,112
47,373
Total cash and cash equivalents 1,989,330 134,485

FO R THE YEAR ENDED 31 OC TOBER 2022
Endowment Restricted Unrestricted Total Total
Funds
f		 Funds Funds 2022
E		 2021f
1. INCOIIIIE
1a) Donations
Towards costs ofrunning
the Hospital		 4,941 4,941 9,098
Towards
Blackford Room development		 9,050
4,941 4,941 18,148
1b) Charitable
activities
Contributions
from residents		 162,766 162,766 169,814
1c) Investment
activities
Investment
property income		 261,659 261,659 266,861
Dividends
and bank interest		 97,635 10,645 108+80 108,067
97,635 2T2,304 3$9,939 3T4,948
Totai income 97,635 440,011 537646 562,911
2. EXPENDITURE
ON RAISING FUNDS
Investment
property costs:
Costs ofEstate management 64,522 64,522 43,264
Day-to-day repairs and maintenance 22,841 22,841 29,037
BT,363 87,363 72,320
Brokers management
fees		 26,584 26,584 27,261
Costs offundraising
for Blackford Room		 2,389
26,584 87,363 113,947 101,970
3.EXPENDITURE ON CHARITABLE ACTIVITIES
a) Hospital operating costs
Employment
costs		 Note 5 128,606 128,608 149,087
Other Hospital costs 145,774 145,774 165,878
Day-to-day running
costs		 274,380 274,380 314,965
Almshouse
repairs and improvements		 13,775 165,687 179,4$2 133,112
Former Residents' Bequest expenditure 3,617 3,817 1,907
13,775 443,664 457,45S 449,984
b)Administration
costs
Accountancy and charity administration 35,803 35,803 37,961
Legal and professional
fees		 15,760 15,780
Other administration
expenses		 5,918 5,918 13,770
57481 57+81 51,731
c}&eternal grants
Grants made to institutions 932 932 932
d) Exceptional costs
Hospital: Blackford Room development 5,690 5,$90 31,295
Hospital: Heating Project 3,954 3,954 79,9T9
Hospital: Garages and tack room 3,110 3,110
Estate: costs re future development sites 25,390 25,3S0 36,265
Estate: professional
fees re future strategy		 36,338 670 37,008 8,872
74,482 6TQ 75,152 156,411

a) Freehold investment properties
2022 2021
f f
At beginning ofthe year 'IS,028,S48 12,131,410
Movement
in year:		 Sales proceeds (1,763,062)
Profit arising on sales Note 12 670,089
Surplus arising on revaluation Note 12 398,288 2,897,138
At end ofthe year 14,333,863 15,028,548
b) Investment
portfolio
Total Total
Permanent Unrestricted;
Former
Endowment Residents 2022 2021
Bequest
f
Investment
income
received		 97,635 2,518 100,153 107,171
Managementfees
charged		 (26,584) (26,584) (27,261)
Funds invested
/(withdrawn)		 (197,000) (2,518) (19$,518) (2,517)
Unapplied
total return allocated		 to income (97,635) (97,635) (104,654)
Realised and unrealis ed gains/(losses):
Permanent
Endowment		 Note 8 (400,725} (400,725) 468,578
Former Residents Bequests Nate 14 (11,218) (11/18) 10,626
Net increase
in por!folio value		 (624,309) (11,218) (6M,S27) 451,943
Opening
valuation		 3,831,970 94,262 gl26432 3,474/89
Closing valuation 3/07,661 83,044 3/$0„705 3,926,232
Historical cost oflisted investments 2,910,750 78,760 2,$8$,510 3,192,553
The investments
are held as follows:		 Investment portfolio 3,190,349 3,878,859
Cash balances held by brokers 100/56 47,373
3/$0,705 3,926,232
At Ihe end ofthe reporting
period		 the follawing holdings comprised more than 5%ofthe value ofthe portlolio.
Sarasin Endowments
Fund		 Class A- Income 3190,3493,878,859

Unapplied total total return is calculated
from		 return is calculated
from		 return is calculated
from		 return is calculated
from		 a start date of 11August 2011.The Hospital's 11August 2011.The Hospital's 11August 2011.The Hospital's 11August 2011.The Hospital's policy is policy is policy is to transfer into
unrestricted (Income) funds each year an amount approximately equal to 3%ofthe opening value ofthe Permanent
Endowment investment
portfolio, which		 is available for charitable uses. For2021-22 this transfer amounted
to E97635(2020 21:f104654).
This is funded
from the total		 investment returns (income and gains, less management charges) on the Hospital investments.
The Visitors intend to keep the distribution rate under review and adjust as necessaryto take account ofprevailing
rates ofinvestment
return.
The amount of Permanent Endowment invested under the Total Return basis comprises:
2022 2021
E F
Total fixed assets 18,724,568 20,054,780
Exclude: Heritage assets: The Hospital Note 6 (1,100,000) (1,100,000)
Investment properties Note 7a (14,333,863) (15,028,548)
Residents Bequest Fund investments (83,044) (94,262)
3,207,661 3,831,970
Permanent Unapplied Total Total
Endowment total return 2022 2021
E f 8
At beginning of period 2,628,681 1,203,289 3,831,970 3,390,653
Investment returns: Realised and unrealised gains (400,725) (400,725) 468,578
Investment income receivable 97,635 97,635 104,654
Investment management costs (26,584) (26,584) (27,261)
(329,674) (329,674) 545,971
Unapplied total return allocated to income (97,635) (97,635) (104,654)
Unapplied total return unallocated
at year-end		 (427,309) (427,309) 441,317
Additional funds invested
1(withdrawn)		 (197,000) (197,000)
Net movement in reporting period (197,000) 427,309) 624,309 441,317
At end ofperiod 2,431,681 775,980 3,207,661 3,831,970
As described
in		 note 10,the permanent endowment investment portfolio contains F381,272 (2020-21:8453,447)ofunrestricted funds.
For simplicitythe calculation ofunapplied total return is based on the entire portfolio.
EBTORS
2022 2021
8 E
Investment income
—rental		 income held byAgents 41,542
Investment income - amounts due from tenants 46 4,266
Prepayments and other debtors 19+15 18,714
19,261 64,522

2022 2021
8 6
Trade creditors:
Endowment		 Fund —re Blackford Room 25,342
Unrestricted Funds 45,141 77,114
Accruals and other creditors 18+61 15,596
Lease surrender
liability		 650,000
Social security and other taxes 2,088 413
713,490 118,466
During the year, a liability ofF650000became due to a lessee ofone ofthe Charity's investment properties.
In return, the lessee has surrendered
the property		 for the remaining
term ofthe lease.
Any corresponding
increase
in the value ofthe investment		 properties, as a result ofthe lease surrender, will
be reRected
in the 2022/23 Rnancial statements.
12.PERMANENT
ENDOWMENT
FUND
2022 2021
8
Income
Donations
towards
Blackford Room development		 Note 1a 9,050
Expenditure
charged against Endowment		 Funds:
Hospital: Blackford Room fundraising costs Note 2 {2,369)
Hospital: Blackford Room development Note 3d (5,890) {6,661)
Hospital: Heating Project Note 3d (3,954) {79,979)
Hospital: Garages
and tack room		 Note 3d (3,110)
Estate: cosh re future devslopmentsite Note 3d (25,390) {36,265)
Estate: professional
fees re future strategy		 Note 3d (38,338)
Net expenditure
in the year		 (74,482) {116,244)
Realised gain arising
on sale ofInvestment		 Properties Note 7 870,089
Unrealised
gain arising on revaluation
of Investment		 Properties Note 7 398+88 2,69'7,136
Funds withdrawn
from investment
portfolio		 Note 7 197,000
Lease surrender Note 11 (650,000)
Unapplied
total return unallocated
at ysar-end		 Note 8 (624,309) 441,317
Nst movsmsnt
in funds during ths year		 (83,415) 3,222,211
Fund balances
brought forward atstart ofyear		 19,55'I,729 16,329,518
Fund balance carried forward at end ofyear 19/68@14 19,551,729
13.RESTRICTED FUNDS
2022 2021
Extraordinary
Repairs Fund		 8 E
Expenditure
during
the year		 Note 3a (13,775) {13.775)
Annual transfer from income account Note 14 13,7?5 13,775
Nst movsmsnt
in funds during the year
Fund balances
brought forward atstart ofyear
Fund balances carried forward at end ofyear

Endowment Restricted Unrestricted Total
Funds Funds Funds
f f f
Income from:
Donations
and legacies		 9,050 9,098 18,148
Charitable
activities		 169,814 169,814
Investments 104,654 270,295 374,948
Total income 113,704 449,207 562,911
Expenditure
on:
Raising Funds 29,650 72,320 101,970
Charitable
activities:
Hospital operating costs 13,775 436,209 449,984
Administration
costs		 51,731 51,731
External grants 932 932
Exceptional costs 122,905 33,506 158,411
Governance
costs		 6,232 6,232
122,905 13,775 528,610 865,290
Total expenditure 152,555 13,775 600,930 767,260
Net expenditure
before gains		 (38,851) (13,775) (151,723) (204,349)
Net gains on investments:
Investment
properties		 2,897,138 2,89'7,138
investment
portfolio		 468,578 10,626 479,204
Net income I(expenditure) before transfers 3,326,865 (13,775) (141,097) 3,171,993
Transfers
between funds		 (104,654) 13,775 90,879
Net movement
in funds		 3,222,211 (50,218) 3,171,993
Fund balances brought forward 16,329,518 586,437 16,915,955
Fund balances carried forward 19,551,729 536,219 20,087,948

19b. PRIOR YE AR CO MPARATIVES
-BALA		 NCE SHEET AND FUN DS
Endowment Restricted Unrestricted Total
Funds Funds Funds 2021
F 6
lixed assets
Heritage assets: The Hospital 1,100,000 1,100,000
Inves tments:
Freehold properties 15,028,548 15,028,548
Investment portfolio 3,831,970 94,262 3,926,232
19,960,518 94,262 20,054,780
Current assets
Debtors 64,522 64,522
Interfund
balances		 (453,447} 453,447
Cash at bank and in hand 70,QQQ 17,112 87,112
(383,447) 535,081 151,634
Creditors: amounts falling due
within one year (25,342) (93,124) (1'i8,466)
Net current assets / (liabilities) 408,789 441,957 33,168
Total assets less current liabilities 19,551,729 536,219 20,087,948
Capitalfunds
Permanent Endowment
Fund		 19,551,729 19,551,729
Income funds
Restricted
Unrestricted 536,219 536,219
19,551,729 536,219 20,087,948
UNRESTRICTED FUNDS COMPRISE
Income Buildings Former Giving Total
Fund Fund Residents Fund
Bequestf
Surplus/(deficit) for the year 9,816 (162,149) 610 (151,723)
Allocated to Building Fund (130,000) 130,000
Outgoing
resources		 before transfers (120,184) (32,149) 610 (151,723)
Transfers
Permanent Endowment 104,654 104,654
Extraordinary Repairs (13,775) (13,775}
Outgoing
resources		 after transfers (29,305) (32,149) 610 (60,844)
Investment
losses		 10,626 10,626
Net decrease
in		 funds dudng year (29,305) (32,149) 11,236 (50,218)
Fund balances at start of}s.ar 216,934 276,511 92,992 586,437
Fund balances at end ofyear 187,629 244,362 104,228 536,219