## 




## 

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





## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 



## 

## 

## 

## 



## 

## 



## 



## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

|TATEMENT OF F<br>OR THE YEAR E|INANCIAL <br>NDED 31 O|ACTIVITI<br>CTOBER|ES<br> 2022||||||
|---|---|---|---|---|---|---|---|---|
||||Endowment|Restricted|Unrestricted||Total|Total|
|||Note|Funds|Funds<br>f||Funds<br>E|2022<br>6|2021|
|income from:<br>Donations<br>Charitable<br>acbvities<br>Investment<br>activities||1a<br>1b<br>1c|97,635|||4,941<br>162,766<br>272,304|4,S41<br>162,766<br>36S,939|18,148<br>169,814<br>374,948|
|Total income|||97,635|||440,011|537,646|562,911|
|Expenditure<br>on:|||||||||
|Rais ing Funds|||26,584|||87,363|113,947|101,970|
|Charitable<br>activities:<br>Hospital operating costs<br>Administration<br>costs<br>External grants<br>Exceptional costs<br>Governance costs||3a<br>3b<br>3c<br>3d<br>3e|74,482|13,775||443,684<br>57,481<br>932<br>670<br>7,743|457,459<br>57~1<br>932<br>75,152<br>7,743|449,984<br>51,731<br>932<br>156,411<br>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<br>before gains|||(3,431)|(13,775)||(157,862)|(175,068)|(204,349)|
|Net gains on investments:|||||||||
|Investment<br>properties<br>Investment<br>portfolio<br>Lease surrender||7a<br>7b<br>11|1,068,376<br>(400,725)<br>(650,000)|||(11,218)|1,068,376<br>(411,943)<br>(650,000)|2,897,138<br>479,204|
|Net income I (expenditure)|before transfers||14,220|(13,775)||(169,080)|(168,635)|3,171,993|
|Transfers<br>between<br>funds||13&14|(97,635)|13,775||83,860|||
|Net movement<br>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<br>ir.|Funds<br>E|Funds<br>I.'|2922<br>6|2021<br>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<br>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<br>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<br>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<br>activities|||||||||
|Net outgoing resources,<br>per Statement||of|Financial|Activities|||(175,068)|(204,349|
|Adjustments<br>for:<br>Dividends<br>and bank interest<br>(Increase} / decrease<br>in debtors<br>Increase<br>/ {decrease} in creditors|||||||(108,281)<br>45/61<br>595,023|(10&,067<br>(41,935<br>{92,677|
|Net cash used<br>in operating<br>activities|||||||356,935|447,027|
|Cash flows from investing<br>activities|||||||||
|Investment<br>income|||||||108/81|108,067|
|Net proceeds<br>from sale ofinvestment<br>Net proceeds<br>from sale ofinvestments<br>Purchases<br>ofinvestments||properties||||Note 7a|1,789,500<br>250,129|27,261<br>(5,090|
|Lease surrender|||||||(650,000)||
|Net cash generated<br>from investing|activities||||||1,497,910|130,238|
|Change<br>in cash and cash equivalents|in|the|reporting|period|||1,854,845|(316,7&9|
|Cash and cash equivalents<br>at the beginning|||ofthe reporting||period||134,485|451,274|
|Cash and cash equivalents<br>at the end|of|the|reporting|period|||1,9&9,330|134,485|
|Analysis ofcash and cash equivalents|||||||||
|Bank Balances<br>Cash held as partofinvestmentportfolio|||||||1,888,974<br>100,356|87,112<br>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<br>f|Funds|Funds|2022<br>E|2021f|
|1.|INCOIIIIE||||||||
||1a) Donations||||||||
||Towards costs ofrunning<br>the Hospital|||||4,941|4,941|9,098|
||Towards<br>Blackford Room development|||||||9,050|
|||||||4,941|4,941|18,148|
||1b) Charitable<br>activities||||||||
||Contributions<br>from residents|||||162,766|162,766|169,814|
||1c) Investment<br>activities||||||||
||Investment<br>property income|||||261,659|261,659|266,861|
||Dividends<br>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<br>ON RAISING FUNDS||||||||
||Investment<br>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<br>fees|||26,584|||26,584|27,261|
||Costs offundraising<br>for Blackford Room|||||||2,389|
|||||26,584||87,363|113,947|101,970|
|3.EXPENDITURE ON CHARITABLE ACTIVITIES|||||||||
||a) Hospital operating costs||||||||
||Employment<br>costs||Note 5|||128,606|128,608|149,087|
||Other Hospital costs|||||145,774|145,774|165,878|
||Day-to-day running<br>costs|||||274,380|274,380|314,965|
||Almshouse<br>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<br>costs||||||||
||Accountancy and charity administration|||||35,803|35,803|37,961|
||Legal and professional<br>fees|||||15,760|15,780||
||Other administration<br>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<br>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<br>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<br>portfolio||||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Total|Total|
|||||||Permanent|Unrestricted;|||
||||||||Former|||
|||||||Endowment|Residents|2022|2021|
||||||||Bequest|||
||||||||f|||
|Investment<br>income<br>received||||||97,635|2,518|100,153|107,171|
|Managementfees<br>charged||||||(26,584)||(26,584)|(27,261)|
|Funds invested<br>/(withdrawn)||||||(197,000)|(2,518)|(19$,518)|(2,517)|
|Unapplied<br>total return allocated|to income|||||(97,635)||(97,635)|(104,654)|
|Realised and unrealis ed gains/(losses):||||||||||
|Permanent<br>Endowment|||Note 8|||(400,725}||(400,725)|468,578|
|Former Residents Bequests|||Nate 14||||(11,218)|(11/18)|10,626|
|Net increase<br>in por!folio value||||||(624,309)|(11,218)|(6M,S27)|451,943|
|Opening<br>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<br>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<br>period|the follawing||holdings||comprised|more than 5%ofthe value ofthe portlolio.||||
|Sarasin Endowments<br>Fund|Class A-|Income||||||3190,3493,878,859||





## 

## 

|Unapplied|total|total|return is calculated<br>from|return is calculated<br>from|return is calculated<br>from|return is calculated<br>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<br>portfolio, which|||||is|available||for|charitable|uses.|For2021-22|this||transfer||amounted<br>to E97635(2020 21:f104654).|||
|This is funded<br>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<br>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<br>at year-end|||||||||||||||(427,309)|(427,309)|441,317|
|Additional|funds||invested<br>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<br>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<br>—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:<br>Endowment||Fund|—re|Blackford Room||||||25,342|
|Unrestricted||Funds|||||||45,141|77,114|
|Accruals and other creditors|||||||||18+61|15,596|
|Lease surrender<br>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<br>the property|||for|the|remaining<br>term ofthe lease.||||||
|Any corresponding<br>increase<br>in the value ofthe investment|||||properties, as a result ofthe lease surrender,|||will|||
|be reRected<br>in the 2022/23 Rnancial statements.|||||||||||
|12.PERMANENT<br>ENDOWMENT<br>FUND|||||||||||
||||||||||2022|2021|
||||||||||8||
|Income|||||||||||
|Donations<br>towards<br>Blackford Room development|||||||Note 1a|||9,050|
|Expenditure<br>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<br>and tack room|||||||Note 3d||(3,110)||
|Estate: cosh re future devslopmentsite|||||||Note 3d||(25,390)|{36,265)|
|Estate: professional<br>fees re future strategy|||||||Note 3d||(38,338)||
|Net expenditure<br>in the year|||||||||(74,482)|{116,244)|
|Realised gain arising<br>on sale ofInvestment||Properties|||||Note 7||870,089||
|Unrealised<br>gain arising on revaluation<br>of Investment||||Properties|||Note 7||398+88|2,69'7,136|
|Funds withdrawn<br>from investment<br>portfolio|||||||Note 7||197,000||
|Lease surrender|||||||Note 11||(650,000)||
|Unapplied<br>total return unallocated<br>at ysar-end|||||||Note 8||(624,309)|441,317|
|Nst movsmsnt<br>in funds during ths year|||||||||(83,415)|3,222,211|
|Fund balances<br>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<br>Repairs Fund|||||||||8|E|
|Expenditure<br>during<br>the year|||||||Note 3a||(13,775)|{13.775)|
|Annual transfer from income account|||||||Note 14||13,7?5|13,775|
|Nst movsmsnt<br>in funds during the year|||||||||||
|Fund balances<br>brought forward atstart ofyear|||||||||||
|Fund balances carried forward at end ofyear|||||||||||





## 


## 

## 

## 

## 

## 

## 



## 

## 

## 

|||Endowment|Restricted|Unrestricted|Total|
|---|---|---|---|---|---|
|||Funds|Funds|Funds||
|||f|f|f||
|Income from:||||||
|Donations<br>and legacies||9,050||9,098|18,148|
|Charitable<br>activities||||169,814|169,814|
|Investments||104,654||270,295|374,948|
|Total income||113,704||449,207|562,911|
|Expenditure<br>on:||||||
|Raising Funds||29,650||72,320|101,970|
|Charitable<br>activities:||||||
|Hospital operating costs|||13,775|436,209|449,984|
|Administration<br>costs||||51,731|51,731|
|External grants||||932|932|
|Exceptional costs||122,905||33,506|158,411|
|Governance<br>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<br>before gains||(38,851)|(13,775)|(151,723)|(204,349)|
|Net gains on investments:||||||
|Investment<br>properties||2,897,138|||2,89'7,138|
|investment<br>portfolio||468,578||10,626|479,204|
|Net income I(expenditure)|before transfers|3,326,865|(13,775)|(141,097)|3,171,993|
|Transfers<br>between funds||(104,654)|13,775|90,879||
|Net movement<br>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<br>-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<br>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<br>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<br>resources||before transfers||(120,184)|(32,149)|610||(151,723)|
|Transfers|||||||||
|Permanent|Endowment|||104,654||||104,654|
|Extraordinary|Repairs|||(13,775)||||(13,775}|
|Outgoing<br>resources||after transfers||(29,305)|(32,149)|610||(60,844)|
|Investment<br>losses||||||10,626||10,626|
|Net decrease<br>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|