HUGH SEXEY'S HOSPITAL REPORT OF THE VISITORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Company Registration NLimber 6906918 Charity Registration Number 1130351
HUGH SEXEY'S HOSPITAL IA charrtable company limrted by guarantee) INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Page Report of the Visitors Independent Auditor's Report 10-12 Slalemenl of financial activities 13 Balance sheet 14 Cashflow Statement 15 Accounting policies 16-17 Notes lo the financial slalernents 18-25 Page 1 Company registration numbor 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA Charitab company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2023 The trustees, who are known as the Visitors, are pleased lo present their annual report together with the financial statements of the charrty for the year ending 31 October 2023 which are also prepared lo meet the requirements for a directors, report and accounts for Companies Act ptjrposes. The financial slat8menls Comp with the Charities Act 2011, the Companies Act 2006, the mn0randUrn and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}. REFERENCE AND ADMINISTRATIVE DETAILS Registered Office Hugh Sexey's Hosprf(81, High Street. Brulon, Somersel, BA10 OAS Visitors (all are Trustees. and Directors of the charitable cornpanyl: James Buxton (Chairman) Edward Bond lan Hepburn Susanna Deverell Ann Lee Dan Bradshaw Mary Clare Rodwell Lucinda Sunnucks Dr Susanna Davidson Edward Hobhouse Emily Showering Julia de Salis Rupert While Janel Montgomery Matthew Rawlingson-Planl (Appointed 21 April 20231 Offl¢er$ and Advlsors The Maslef Helen Rogerson Finan and Administration The Trust Partnership 6 Trull Fam Buildings. Telbury. Glos. Land Agents Fowler Fortescue The Old Dairy. Fonlhill Bishop. Salisbury. Inveslmenl Advisers Sarasin & Partners LLP Juxon House, 100 Sl Paul Churehyard. London. Bankers CAFBank Ltd, 25 Kings Hill Avenue, Wesl Malling, Kent. Auditors Sumer Audilco Limi(ed, County Gate. County Way, Trowbridge. Willshire,BA14 7FJ Solicf(ors Loxleys, Langford Mill, Wotton-Under-Edge, Glos. Stone King, Upper Borough Court, Bath Page 2 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA Charitab company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Hugh Sexey's Hospital is a charitable company incorporated and registered with the Charity Commission111303511 on 15 May 2009. The charity is administered in accordance with a Charity Commission Scheme dated 23 November 2009. The charitable company known as Hugh Sexey's Hospital (company registration 069069181 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 charrtable company. There are currently fifteen Visitors, which allows for succession planning and a diverse skill set commensurate with the charity's wide 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 charrtable 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 Ihe Chairman and the Master. A file of relevant documents is provided and all Visitors are encouraged lo attend The Almshouse Association Seminars and take part in ad-hoc webinars provided by a number of organisations. The Visitors, who are all unremunerated, meet four limes a year., there are sub-committees covering Hotjse (Residents). Buildings, Finance, Eslale matters. The Visitors receive regular reports from the Masler, Finance Manager, Land Agents, and Investment Advisers, and make all policy decisions. There are six 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 accounl rates of inflation, changes in their roles and responsibilities and comparison lo remuneration levels for similar roles in other organisalions. There is also a house-for-duty Chaplain who resides on the Hospital site for the majority of the year. The Visitors have an on-going detailed risk assessment process to identify the major risks to which the Hospital is exposed, review the relative significance of the risks that were identified through an assessment of their risk and probability, and then satisfy 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 significant risks are assessed in Telalion to the actNities outlined in the nexi section and include.. Safety, security and wellbeing of the almshouse residents. Rates of occupancy. Maintenance of the historic fabric of the almshouses to provide dwellings fit for purpose. Management of the investment porrfolio. Management of the endowment known as the Blackford Estate. The charity is a member of The Almshouse Association. Page 3 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 2023 OBJECTIVES AND ACTIVITIES The Object of the charity is to provKJe almshouse accommodalion for eligible beneficiaries within the area of benefrt which includes Bruton and named parishes. Eligibility includes local older people in need. Applicants living outside the area of benefice may be offered accommodation at the Hospital but their overall number is reslricled. The use of the word Hospital refers to the historic term for an almshouse and has no felevance to the accommodation provided today. The Hospital maintains a list of expressions of interest from applicanls, and empty units are allocated lo those most in need at the time a unit becomes vacant. As units become vacant, a review takes place by the Master. and modernisation is undertaken in line with the most recent regulations. Further Obiecls are charitable purposes for the benefit of residents and other such charitable purposes as the Visiiors decide. The Visitors fulfil these objectives by administering the Almshouses, which provide subsidised accommodation in enty-sIX flats within the Hospital buildings. fostering the schools established by the founder of the Hospital, and making donations for charitable purposes, mainly for the benefit and well-being of the young and the elderly or to other charities 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 rethallocated within as short a time as possible commensurate with refurbishing where necessary. Maintaining the almshouse buildings, which are listed or within the curtilage of listed building, and ensuring Ih8y remain fit for purpose. Managing the investment portfolio and the endowment properties on the estate to ensure rnaximum income for the almshouses and the charilable purposes. Publi¢ Benefit The Visitors have reviewed the Charity 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 wilh its slated objects and provides tangible public benefit to those eligible within the area stipulated within Ihe governing documenl. There are no voids within the almshouse and residents are allocated accommodation following an application process where the resident in greatest need is offered accommodaÉion at the time a vacancy arises. Weekly Maintenance Contributions are paid by residents. Occupation 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 Charity fftgistralion number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2023 ACHIEVEMENTS AND PERFORIMNCE The Hospital has now re-opened to members of the public in the courtyard and Chapel akhough the Covid pandemic continues to cause concern amongst our more elderly or vulnerable residents. There were several voids throughout the year and all of these required some level of improvement. Sourcing appropriate trades people to carry out the work has been an ongoing challenge. The Hospital has sufficient applications to fill the anticipaled voids. Increases in all areas of Hospital expenditUTe continue to be a concern, particularly for maintenance issues and energy. Quinquennial repairs and refurbishment have continued through the year, where possible concentrating on external works. A Giving Committee normally agrees Ihe Hospital's policy for external donations, in Complian with the third of the Hospital's object5, and distributes 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. Substantial resources were applied in ordef to meet the costs of external masonry repairs and these will continue into next year. In the summer of 2023, in line with good practice, the charity invested in a full review of its Governance arrangements for which an external consultant was engaged following presentations from three suppliers. The review included areas such as.. The recruitment and induction of new Trustees The number of Trustees Terms of office for Trustees The number of meetings and sub-committees Risk Management staffing Residents Hospital Buildings Strategic Planning An away day has been arranged so that full consideration can be given to the recommendations contained in the consultant's report. Page S 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 2023 FINANCIAL REVIEW Financial results Investment income amounts lo £386,894 12022.. £369,939). an increase of £16,955 14 6Q/l. due lo an increase in dividend income. Residents, Contributions were increased by 3.15 /0 from September 2023 and income received increased lo £194,487 {2022". £162,766) due lo an increase in occupancy rates. After receipt of donations amounting lo £4,801 12022." £4,941), total income increased by £48,536 to £586,182. Expendf(ure on raising funds comprises costs of managing and maintaining the investment properties, managing the investment portfolio. and fundraising towards the Blackford Room, and amounted lo £176,640 {2022.' £113,947), an increase of £62,693 which was largely aitribulable to ineased investment property costs. Hospital Dperating costs have increased by £75,131 to £532,59012022.. £457,459). D8y-tO-day running costs have increased by £13,782, due largely lo increased costs of staff, and Hosprtal repair costs have increased by £61,249 10 £240,711 these by their nature fluduale significantly from year lo year, as various repair projects are carried out, which was further impacted by Covid-19 which meant that scheduled works for the year ended 31 October 2022 were deferred into the year ended 31 October 2023. Administration and govemance costs have decreased by £13.751 due to decreased legal and professional costs. Extemal grants to local schcKJls amounted lo £93212022. £932). Exceptional costs of £340.696 were incurred in the ye8r12022'. £75,152). The majority of these were the building costs for ongoing development schemes. which amounted lo £243.038. In addition, £68.240 was incurred for professional fees for ongoing development schemes. £25.202 was incurred in connection with future Estste planning matters, and £4,216 was incurred in respect of the heating project. After inclusion of all expendrture, which amounted lo £1,101.722 12022.. £712,714) including exceptional costs, there was an overall deficit for the year, before inclusion of gains on investments, of £515,54012022". £175,C68 deficill. The Eslale properties were revalued by the Hospital's Agents. Fowler Fortescue. * 31 October 2023, which gave rise to a gain of £1,159,232. Further, an investment property was sold during the year, producing a gain of £358,400. There was an increase of £72,719 in the value of the investment porttolio12022' £411,943 decrease In value). After including all expenditure on the Blackford Room and investment gains, overall funds have increased by £1,074,81212022'. £1 $8,635 decrease) and amounted lo £20.994.12512022.' £19,913.3131 al the year- end. The Endowment Fund increased in value by £1,223,861 12022.. decreased by £83,415) and amounted lo £20,692,17512022. £19,468.3141 al the year-end. There was an unreslricled deficit of £149.049 arising in the year 12022.. deficrt of £85,220), therefore Unreslricled Funds decreased lo £301,95012022.' £450,999). Page 6 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA chanlable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2023 Informatlon on Fundraising Agreements with Third Parties las required by the CharilEs Act 20161 No fundraising activities were undertaken during the year. Heritage Assets - Hospltal properties In 2004 a desktop valuation of the Hospital was carried out, based on existing use values, which attributed a value of £1,100,000 lo the Hospital. In view of the historic nature of the buildings and their central place within the activities of the Hospital, the Visitors do not believe that the cost of further revaluations can be justified. In order lo ensure that the Hospital properties are kept fully maintained, the Visitors have a policy of undertaking quinquennial reviews of the slate of the buildings - this review was carrEd out during 2018 by the Hosprtal's archf(ecls and a wsled programme of work5 drawn up lo cover all matters identified. In October 2020 the Blackford Room was completed. al 8 lolal eosl of £1.25m.' the Visitors ¢onsider that this C051 fails lo rneet the lest for capilalisalion of expenditure as there Is no subsequent economic benefit arising from this expenditure, and no new charitable oulpuls, so il ha5 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. Investmgnts Hugh Sexey's Hospital is a permanent endowment, with assets held in perpetuity The investments comprise agricultural and residential properties. which comprise 760/012022. 81°/ol of the value of the investments, and an investment portfolio. The Visitors regularly review the constituent parts ol the Hospital's endowment, lo monitor the balance between the values of the Investment properties and the Stock Exchange investments bul realise that with fluctuations In values, the ratio will change over lime. Investmgnt Propgrtle$ The Visitors employ agents, Fowler Fortescue, lo manage their investment properties, known as the Blackford Estate, and a long-leim management strategy is being implemented. 11 is not POS5ible to adopt a Total Asset Return basis for the investment properties as their illiquid nature means il is impossible to withdraw any unrealised gains wilhoul disposing of properties. Fowler Fortescue carried Dut a desktop revaluation of the Estate on an Open Market Value basis al 31 October 2023, valuing the propert$ al £15,052,095, an increase in value of £1.159.232 which was credited lo the Perrnanent Endowment FLJnd. A review of the agents was carried out in 2023 and after a competitive tender exercise, Fowler Fortescue have been reappointed. Quoted Investment Portfolio The Visitors adopted in 2011 a Total Return approach lo investment management. All investment returns, whether income or realised and unrealised gains and losses, are brought into the Permanent Endowment Fund and the Visitors then agree an annual transfer from the accumulated unapplied lolal return lo the Income Fund, to subsidise the running costs of the Hospital. The Visitors believe this gives a fair balance beeen the interests of CLJrrenl and future beneficiaries. In 2011 the Permanent Endov4menl investments were valued al £2.271,405. A further £2,600,619 has subsequently been invested, and cash of £1,140,343 was withdrawn lo fund the Blacklord Room construction. Therefore, the balanc& stands at £3,731,68112022' £2.431.6811 Page 7 Company registration number 6906918 Charity registration ntjmber 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2023 After discussions with the investment managers the annual transfer lo the Income Fund was set a13¥0 of the opening value of the Flortfolio lexcluding cash balances), or £101,200. Total investment retums in the year amounted lo a surplus of £143,363 12022.. deficit of £329,S741- actual income received of £96,438 was slightiy less than the target so this amount has been credited to the Income Fund, leaving £46.925 credited to Unapplied Total Return. Therefore, the cumulative balance since the policy was adopted now amounts lo £822,905 12022.. £775,980). When added to the Capital balance, the closing portfolio has a value of £4.554.58612022. £3,207,661). RESERVES POLICY At the start of the year, total unrestricted funds were in surplus by £450,999. During the year, unrestricted ftjnds have decreased by £149.049 to amount lo £301,950 at the year-end. Under the terms of the Hospital's governing documents, the Visitors are obliged lo maintain the Hospital, which is a Grade I listed building and inalienable, and they believe it prudent lo maintain reserves in a designated Building Fund to allow them to cover anlicipaled repair costs for both the HOsla1 and the investment properties. Each year. the Visitors consult with the estate manager lo consider the amount that should be held in reserves within the Building Fund. This year, a transfer of £300.000 12022.. £130.000} has been made into the Building Fund. Expenditure amounted lo £332,936, gNing rise lo a deficit of £32.936, so the closing Fund balance amounts to £139,124 12022.. £172,060). Costs are higher in the year because works which had been scheduled for 2021-22 were deferred into 2022-23. The Visitors are of the opinion that the closing balance held within the Building Fund is SuffiCnt to fund foreseeable repair costs, however have set the transfer for 2023-24 al £400,000 to cover works anticipated to take place in the coming year. The Hospital has a Residents Bequest Fund, comprising amounts left to the Hosprtal in previous years which have been designated to provide benefits for residents," this has been invested and is managed by the investment managers. During the year, there was a deficit of £559," after including an increase of £S57 in the value of investments, the fund decreased by £2 to amount lo £91,90812022.' £91,910) at the yearénd. The unrestricted Income Fund. being amounts that have not been designated by the Visitors. as described above. has decreased by £116,112 during the year to stsnd at £70,91712022." £187.0291 al the year-end. This represents approximately three months of Hospital operating and administration costs, which the Visitor5 ¢on51der lo be a prudent level of reserves. PLANS FOR FUTURE YEARS The overall plans are to keep the almshouse accommodation fully occupied by eligible residents and lo maintsin a good community spirit within the Hosprtal by conb'nuing to employ experienced staff, keeping the fabric of the Hospital in good order, ensuring as far as possible that the Almshouses are suitsble for the changing needs of an older population. and lo maintain the valu8 of the Hospital'5 endowment, with a view lo passing the Hospital on to future generations The Visitors will continue to maximise the income from the endowment to the charity through estate management advised Cun11Y by Fowler Fortescue land agents. There are potential landlord liabilities identified in Telalion to the replacement of buildings and fith'ngs and the agents are advising on options available lo the Visitor$. In this regard there are plans to re-develop certain areas of the estate, subjed lo the required permissions for charity land disposal, which will ensure sustained income from an efficient estate into the medium to long term. Page 8 Company registration number 6906918 Charity regislralion number 1130351
HUGH SEXEY'S HOSPITAL IA charitsble company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2023 th the recent completion of the capital project lo provide a community room within the Hospital, Visitors are concenlraling on a repairs programme identified in the quinquennial survey which was updated this year. VISITORS. RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Visitors (who are also directors of Hugh Sexey's Hospital for the purposes of company lawl are Tesponsible for preparing the Report ofthe Visitors and the financial statements in accordance with applicable law and United Kingdom Accounb"ng Standards (United Kingdom GeneralY Accepted Accounting Praclicel. Company law requires the Visitor5 to prepare financial statements for each fi'nancial year, which give a true and fair view of the stale of affairs of the oharilable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. Sn preparing these financial slatemenls, the Visitors are required to". select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charitie5 SORP", make judgements and estimates that are reasonable and prudent", slate whether app1#ble UK Accounting Stsndards have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operabon. The Visitors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Ael 2006. They are also responsible for safeguarding the assets of the charitable company and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Visitor5 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 lo have taken to make themselves aware of any relevant audit information and to estsblish that the auditor is aware of that information. SMALL COMPANY PROVISIONS This report has been prepared In accordance with the special provisions ft)r small companies under Section 415a of the Companies Act 2006. Approved by the Visitors on 5 July 2024 and signed on their behalf by.. . Mr J Buxlon - Chairman of Visitors Page 9 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL {A charrtablg Company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEYS HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2023 Opinkon We have audited the finanrial statements of Hugh Sexey's Hospital (the 'chanlable company'l for the year ended 31 October 2023 which ¢omprise Statement of Financial Activities, Balan Sheet, Cashflow Statement and notes to th& financial 5tat8ments, Including a summary of significant awounlirg policies The financial reporting framework thal has been appli8d in th8I1 preparation is applicabl8 law and United Kingdom Accounting Standard5, includiro Financial RerM)rtiNJ Standard 102 Th6Tr Financial R8poKtsng Standard applicabl8 in the LIKand Republffc of Irelandlunited Kingdom Generalty A¢pted Accounting Practs"c81. In our opinign the financial statements.. give a true and fair wew of Ihe state of the charrtable company's affairs as at 31 October 2023, and ol its incomiTrJ resourcès and application of resources. including its income and expenditure, for the year then ended,. have been properly prepared in a¢cordaTr with Unrted Kingdom Generally A¢pted Accounting Practice.. and hav8 been prepared in accordance with the requirements ol the Companies Act 2006. Ba$1$ for opinion conducted our audit in accordance with International Standards on Auditing IUKI IISAS IVKII and applicabla law. Our responsibilities under those standards are further d6scribed In the ALFditor's SponSibl1111es for the audit ol th8 f&nan¢ial staiernents section ol our report. We a independent olthe charitable company In accordarn wrth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfild cur other ethi¢al responsibilities in 8¢cordance wth these requirements. We beli8ve that the audit evidence we have obtained is Suffic1 and appropriate to provide a basis for our opinion_ Coneluslons r•latlng to gtslng concern In aLid1ting the finanaal statements. we have conduded that the trustees, use of the going concem basis of accounting in the preparab.on of thè finana81 statemènts is 8ppropiiate Based on the work we have perfomied. we have not identified any matellal UnrtaIntieS relating to events or conditions that, Individually or collectively. may c85t 51gnificant doubt on the tharity'5 ability to contsnue as a going canr for 8 period ol at least Iwelve months from when the finanaal statèments are authtsrised for 15sue Our responsibilities and the resrx)nsibilrties of the ITUStees wth respect to Con are de$utbed in the relevant seetion$ of thi5 report. Oth•r Infomiatlon The Vi51tot5 are responsible for the othw infomiation The other informats'on comprises th8 Informabon induded in the Report of the Visitors, other thAn the financi81 stst6rnènts and our auditoi's report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise expliutty slated In our report, we do not express any form of assurance eonclusion thareon. In connection with our audit of the financial stslernents, our responsibilty lo read the other inforniation and, in doirKJ SO. COn51der whether the other inforrnation is rnaterially inconsistent with the financial statements or our knOwdge obtained In the audit or otherwise appears to be materially Fni5Stated. If we identify Such matenal Inconsistencies or apparent material misstatements. we are required to determine whether the Is a material misstatement in the financial statements or a material tnisslaternenl of the other infotrnation. If, based on the work we have performed, we ctsndude that there is a material rnis5taternent of this other information. we are required lo report that fact. We have nothing to pOrt in this regard. Oplnions on other ma#eTr Pcrib9 by thg Cornpanle8 Act 2008 In our opinion, based on the work undertaken in the course ol the audit.. Page 10 Company registration number 6906918 Chaiity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEY'S HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2023 (continued) the informab.on given in the Report of the VltorS lincorporating the directors, r8POrtI for the finanrial year for whi¢h the financial statements are pPared Is consistent with the financial statements., and the directors, report has been prepared in accordance With applicable legal reqU1Ments. Matters on which we are rgquired to report by exeeption In the light of our knothedge and ullderslanding of the charitable company and its ènvironment Obtain in the course of the audit, we have not identified material misstatements in the directors. report. We have nothing io pOrt in respect of the following mattèrs in r8l&t'on to which the Companies Aet 2006 requires us to rèport to you if. in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received frc branches not sited by us, or the financ1al statements are not in agreement with the accounting records and returns.. or certain disclosures of dire¢lors' remuneration specified by law are not rnade.. or we have not reiVed all the infomalion and explanation5 we require lor our audit., or the Visitors were not entitled 10 prepare the financial statements In accordan with the small Companies, regirne aTrd take advantage of the small ¢ompanies' exemptions In preparing the directors. report and from the r8quirement to prepar8 a strategic pOrt. Responslbilrtiès of Vi8itor8 As explained more fvjlty in the Visitors. responsibilities St8tementsetouton page 9. the Visitors Iwho are also the dir¥lors of the ¢haritab* company for the purposes Df company wI arè r8sponsible for the preparation ol the financial statements and forbeing satisfied that they gwe a true and fair view. and for such intemal Control as the Vi51tors determine is r)ecessary to enable the preparation ol financial statements that are frèe from material misstatement. whether due lo fraud or error. n preparing the financial statements. the Visitors are SponSIbl8 for assessing the ¢harilable company's ability to continue as a goirp concern. disclosing. a5 applic&b18, matters related lo going concern and using the going concern basis of accounting unless the Visitors either intend lo liquidate the charitable company or to cease orerations, or have no realistic altematsve but to do so Auditor'¥ re8pon$lbllides for the audlt ol thè financial ¥tatements Our objectrves arè to obtsin reasonable assuran about whether the financial statements as a whole are free from matenal misststement, whether due to traud or error, and to IssL an 8udilo¢s report that includes our opinion. Reasonable assuran Is a high level of assijran bul is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a rnateri81 misstatement when it exists. Mis5taternentS can arise from fraud or èrror and are considered material if, individually or In the aggregate, Ihoy could reasonably be expected to Influènce the 8conom decisions of users taken on the basis ol these financial statements. Irregularities. induding traud, are In$tsnS of non-complian with laws and regulations. We design procedures In line W1th our responsibilities, outlined above. to detect material misstatements in respect ol ifwularits"es, induding fraud. The axtenl lo which our procedures a capable ol detecbng irregularities, induding fraj Is detailed below.. DIscus510ns with rnanagemenl, incIL1r consideiation of known or suspected instan$ of non-cornplian with laws and regulations and fraud, Understsnding ol managernent'5 Internal controls designed to prevent and detect irregularities. and fvaud,. Reviewing the minutes of Board of Tnjstees mèètings, Designing audit procedure5 to incorporate unpredictability around the natu, ts.ming or extent of OUT testing of expenses. Performing anatytical procedures to idents.fy any unusual or unexpected latIOnshipS thkt might indicate risks of material misstaternent due to fraud", Reviewing ol the financial statements (Jisclosure5 and teslng to supportlng documentabon to assess Complian wth r81evanl laws and regulations ¢Jiscussed above.. Identifying and testing journal entries, in particular 8nyjournal entries with Iraud chara¢l&ristiCs such as joumals with roun¢J numbers. Because of the inherent Iirnitations ol an audit, tr)e Is a risk that we will not detect all Irregularits"8s, includirg those leading to a material missiatamant in the financial statements or non-complianc8 Wlth iegulation. Page11 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) INDEPENDENT AUDITQR'S REPORT TO THE MEMBERS OF HUGH SEXEY'S HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2023 lcontinuedl Audliorfs r•sponslbllltles lorth• audlt of th• financial statem•nts Icontlnuodl This risk increases the more that cornpliance with a law or regulation is removed from the event5 and transactions reflected in the finanoal statements. as we will be less likely to become awa of instances of non-complkqnce. The risk is also greater gardIng Iiregulantie5 occurrifig due to fraud rather than error, as fraud involves Intentional ¢oncealmen( forgery. collusion. offli$sion or mrepresentation. A lurther descnptlon of our responsibilities for the audrt of the financial statements is located on ihe Financial Rerorting Council'5 website atr. vvww.frc.org.uklauditorsre5ponsibilihes. This descnption foms part ol Our aLKlitorfs report. ol OUT report This report k% made sololy to the eharitabkn company's members. as a body. in accordan wth Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company 5 members those matters we are required to stale to thern in an aJJitofs report and for no other puTpose. To the fullest extent pennitted by law, we do not accept or assume responsibility lo anyone other than the ch8rilable company and the charitable cornpany'5 mernb8TS a5 a body. foi our audit wotk. foi this repotr or for the opinions wts have fomi8d. Jamas Gare (Senior Statutory Auditor) for and on behalf of Sumèr Auditco Limit Statutory Auditor Chartered Accountants County Gate, County Way Trowbridge Wiltshire BA14 7FJ 26 July 2024 Page 12 Company registration number 6906918 Charty registration number 1130351
HUGH SEXEY'S HOSPITAL IA ¢harilable crynpany limited by guaranleel STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023 Endowmenl fundB Resthcted Un¢sthcied Funds Fund ToiJl 2022 No 2023 InEom• frorn.. Donation¥ Charitab1tr8cb¥ities InKvstrlOnlactiKitiO$ la 4.801 194.487 290,456 4.941 1e2.766 369.929 194N17 381.194 96.43 96.438 489.745 S86 1L12 537,646 ndknrè on". RaiTiny Funds 25.237 151403 113.947 charitab •¢tITrth3'. Hospital opèratin9 CO$ 13.775 518.B1S 43 7Z9 932 532I90 43,729 932 340,896 7.13$ 457 4S9 57.481 932 75.152 7,743 3b E)semal gravis Eeploa1 cvsls Gote (sts 340.896 3e 7.135 ?40,698 13.775 570.611 925,082 S98.767 Totsi •xpenditure 365 933 13,775 722,014 1.101,722 712.714 Nèt expenditure belore g#1 1269N951 113.7751 123Z,2691 1515,$4Tr1 1175,0681 Tr1 goirts on inwstrnents.. InselpfOperkneS InwsiTheniPOrttolio Lease $urieThder 7a 7b 1.517.832 72,162 1,517,152 72,719 1,088.3T6 557 1650.000) N•t Income I ltyxpenditurel Ore traD¥fer¥ 1,320.299 1.07412 1168,63SI Tr8nsfer5 betwoen funds 13&14 13.775 82.883 Npt movèment ID funds 1,223.861 {149.0491 1,074,812 1168,e35} Fund balance8 0ughtfrWOFd 19.468.314 450.999 19,919.313 20,087,948 Fund Iialancws ¢$vriedlorwavd 20,892,175 301,950 20,994 125 19.919313 The above results relate wholly lo Continuing activities, there were no recognised gains or losses other than those included above. The Slalemeril of Financial Activities also complies wf(h the requirement lo prepare an income and expenditure account contained in the Companies Act 2006. The accompanying accounting policies and notes fom an integral part of these financial slalements Page 13 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL {A charitable company limited by guarantee) BALANCE SHEET AT 31 OCTOBER 2023 Endowmgnt Funds R95trkted Unrestrc¢ed Funds Funds Total 2023 Total 2022 Note Flxod a$••ts Heriage assets..Thg Hospltsl 1,100.000 1.10(t,000 1,100,000 slments'. FFeehold propeTbes InSent port 7a 7b 15.052.095 4.554,586 1$.052.0915 4.$30.1B7 14.333063 3,290.705 83,601 20.706.681 62,801 20,790,282 18.724.568 Curr•nt•si•t Debto Intgrfund balant$ Cash al bank and in hand 29.169 6.693 277.608 29,189 19261 10 (6,6931 277.608 1.888.974 16.6931 313.490 306,797 1.908235 Cr8dltors'. amounts falllng due wiihin Onear (7,8131 195,1421 1102&541 1713.4901 N•t currort4$¥9ts Illk9bllltkn•l 114.5051 218.348 203A43 1,194.745 Total •88•ts ¥9 curr•nt lbI•S 20.692.175 301.950 20,994,126 19.919.313 Capttal ld$ Pemian8nl Endowment Fund 12 20.692.175 20M92.170 19.468.314 funds Restricied Vnrestrcted 301,950 301.050 450,999 20.692.175 301,950 20,994.125 19.919.313 The Vi51tors have prepared accounts in accordance with section 398 ofthe Companw 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 lo 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 reting on 5 July 2024 and were signed on their behalf by.. Mr J Buxlon - Chaimian and Director Mrs E Showering - 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 IA charitable company limited by guarantee) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2023 T4)1•l 2023 Totsi 2022 Ca¥hflows from operatiry Nètoutgoing re$ouices. par StatsmenlofFin8n¢ial IS15,S401 1175,0681 Jusbnents fDf. Disidends and b inrest Ih(easel Idewse In debr$ Irease Ildecreasel In cre¢Jitors 1133.9521 19.9291 1610,5361 45.261 595.023 Netcash used in operabno aCtieS 11269,5561 356.935 Cashflows Irom Snvogting •¢to8 Instment ino)me Netproceeds Trom sal? of in$b))8ntpropeibes Netproceeds from $aie ofin$kniÈnts Puroa$trs ofinstmefi Lease sutrender 133,952 799hOO IY5,050) 11,300,000) 108.281 1,789.500 250.129 Note 7a 1650.0001 Netcash oenerated frtyn In$¥ng actyKibes 1441.6981 1,497.910 Change in cash aNJ ¢a$h qunts inth• ropOn9 rfjod Cash and cash •quNaktrts at th• boginning of thp f4pDrtkng p•rhid 11,711,654) 1,854.845 1,989,330 134,485 Cash and caShequwantS at ihp end ofthe rewJrting perhid 277.676 1,989.330 Anatysls ol cash and cashegufvalpnts Baftk Balan$ Cash held 8S P8rtof Inslmenl portfolio 277,608 68 1.888,974 100,356 Total (zsh and cash equiydlents 217,676 1.989.330 Page IS Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCT08ER 2023 Legal Status of the Charlty The Charity is a company limited by guarantee. irwrporated in England and Wales, and has no share capital. In the event of the charity being wound up. the liability in respect ol the guarantee is limited to £1 per member of tt)e charity The address of Ihe régistered office is given in the reference and admini$trativ details on page 2 01 the financial 5tsternents and the nature of the tharity's operab.ons and principle activities artt detsil¢d in the Report ol the vlIorS. Statsment of eompllanc• The charity constitutes a public benefit entity as defined by FRS102 The Financial Reporbng Standard applicab in the UK and the Republic of Ireland,. These financial staternents have been prepared in oornpliance with FRS 102, th& Statem8nt of Recommended Practice applicablg to charibe5 piepaiing their accounts In a¢cordanc6 wth the Finanaal Reporting S18ndard applicab18 in the UK and Republic of Ireland IFRS 1021 ICharrtie5 SORP IFRS 102, the Charities Act 2011 and UK Gen818lly Attepted AccountiThJ Practi(. Basls of ac¢ountlng The financial statements have been prepared on the historical cost basis. as modified by the r8v81uab.on of c8rtain financ81 assets and liabilitigs and investments measurgd at fair value through income or expènditure. The financial statements are prepared in stsrling, whh is the fvnCti0n ¢xJrren¢y of the &ntity. Going ¢r>n¢ern There are no material uncertainties about tt)e chariws abilty to continue. Juilgefflents and key sourees of esllmation uncertainty The Hospital rnakes estimates and assumptions COnming the future. The resultin9 accountiw esiim&te5 will, by definition. 5eldDm equal the related actual result5 The estimate5 and a5sumptioris that have a signthcant risk ol cau51ng a material adjustment to the carrying arnounts ol assets and liabilities within the next financial year are addressed below. Valuatlon of Investment propgrty An external independent valuer. having apPrOprte recognised professnal qualifications and current experieno ofthe location and type of property being valued. values th8 charity's investrn8nt property. Fair values a based on market value5. Market values are the estimated arnount lor which a property could be exchanged on the date ol the valuation between a willing buyer and a willing seller in an am's length transaction after proper marketing. TaXaOn No provision is made for Corporabon Tax as thè charty is ale to claim frJll statutory exemptB)n subject to the proper application of all its charitable resourtes. Llabilitlg$ Liabilities are recognised in 11 in ltte financial statements as soon as the obligab.on arises. Firtaneial Instruments BasL financial instruments are initially COgnised at the amount re1vable or payable induding any related tr8n8action costs, unless the arrangernent constitutes a financing transaction. where 11 is ro¢¢gnised at thè prèsent valuè of the future payments discounted at a market rate of interest for a similar debt instrumènt. Thèse Include cash, rlebtors other than prepayments, and credrtors other than taxation arKI social security costs 8nd deferred in¢om. Current assets and current liabilities are subsequently measured at the cash or other consideration expected io be pa or receive(l and not discounted. Page 16 Company registration number 6906918 Charity re9islration number 1130351
HUGH SEXEY'S HOSPITAL IA charf(able company limited by guarantee) PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2023 Fund aeeounting Pgrmaneni ¢ndowm•nt". The H¢$pit81 has a permantrnt endowment which it is legally prèvented sp8rK&ing and whb must remain intact as part of the Hospital's capital. It has invest* the endowment to pr¢vid8 irYe for its Charitat9 activitses R88tricted fund8." th8s9 are held to b8 used for spacified purpose5 a5 laid down by the governing documènts or by th8 donors Unrestrfj¢te(I funds" these are other inwming SourCeS received or generated for eXpendltU on the general objectives ol the Hospital. The Visitors have designateif rtain of the unrestricted funds." they have decided that setting aside funds in this way is a useful financial discipline which will help the Hospital to make the best use of its ources, even though there Is no legal force to the designations. Income and expenditure All Income is recognised in full sn the statement ol financial activits.es when the charity is legally entided to the Income 8ft8rany PerfotrnaTr conditions have been met. the amountcan be rneasud lIablY. and it15 probablethat the Income Ill be re1Ve. Expenditure Is charged on an aecruals basis and is allocated beNveen expenditu incurred on management ol the investments, expen(jitU in fulfilment ol the Hospital's objeaives (di¢t charrfcable expenditure) aThJ expenditure incurred in the govemance of the Hosprtal. Irrecoverable VAT is tharged as a cost against the activity for which the expenditure was Incur. Heritage Assets The Hospital 15 a listed building of h15torical Imwrtance and as rts preservation and conservatioll is one ol the Hosylal's objectives, it is garde as a heritage asset and the Visitors take steps to ensure it is properfy maintained AS a result ol the age ol the Hospital there is no record of any original ¢o$ls. No depreciation Is chargsd on the Hospital buildings, thè Visitors consid6r that this policy Is appropriatè givèn tho historic naturè ol th$ buildings and tho nature of the Hospital's activities which ensure Ihat the buildings a maintained in an excsll8nt statè of rspair. Invesknents Investment properties 8ffj included in iho ba18no sheèt al their estimatad m8rkèt valua Invéstment propertiés ar6 formally ievalu8d at ie8St èvery five years by relevant professional valuers and a reviewed annually lo ensure that m05t reTrnt formal v81uation is still reasonable. No depociation is provided in respect of investment pioperties as these are held for investment and the Visitors con5id8r that thi5 policy is necessary to gNe a truè and fair vièw. Listed investments held for investment purposes arè stated at markèt valua at thè balanc8 sheet datè." gains and lossès arising on revaluation are credited or debited to th8 appropria18 fund through thè SOFA. Current asset investments are short term highly IFquid investments he at fair value. These indude cash on deposit and cash equivalents wth a matunty ol less than one year. Dividends and interest from investrrents are credited to incorne on a re1vable basis. R8tlr#m•nt b#n•fits The Hospitsl operates a defin contribution pension scheme. The pension costs charged against operating income are thé contributions payable to the scheme in respect ol the accounting year. Grants payable Grsnts a recognised in the financial statements when a comrnilment has been made. and there a no conditions to be Inèt relabng to the grant which remain in the contro1 of the charity. Grants With perf0rnan conditions are only recognised In the financial staternents On the recipient of the grant has provided the specified serwce or output. Page 17 Company registration number 6906918 Charty registration number 1130351
HUGH SEXEY'S HOSPITAL IA chaiilable company limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 endtyymeni Funds Resiii¢ted Vnresiri¢ied Fund$ Tty Toial 2Q22 1. 114COIIE Twiards c051$ Ufwrnng th& Fbwtal 4.801 4.941 4.801 4.941 1bl Chirit•blp artiwit%e CoDITth15 from re5hleTrls 194.487 4U7 182.768 1¢> InV•SbTrWnt a¢tivitié$ SIM{ PTopety Incom DNidend6 Bnd bAnk iTrlerest 252.942 37.514 2Sl•Q 133,952 261.6S9 108.280 SS.438 96,43 38 389.939 Totsl in¢om• 96,43b 489.745 586.112 2. EXPENDITURE ON RsING FUNDS Inve¥trneDt property costs.. Costs of E51ate manayernenl Day-to-dav repair$ and mainten8n¢& 59.178 92.225 5¥.178 gU2S 64.522 22.841 151.4 151,4D3 87.363 Brokary m8na9omonifeos 25.237 2S2J7 26.684 2S,237 151.403 113.947 3. ÉXPENDITURE ON ¢HARITA8LE ACTIVMES 81 Hty¥pit op•r#tsng ¢o¥ts Employrnenl costs Other Hospi c051s Noie 5 145.197 142.965 128.808 145.774 fj42,5 Day-to-day running co¥15 288.162 281162 274.380 $house repair5 and Irngro¥pmgnts Fcqmer Regdents. Bwuest expendrture 13.775 240,711 4717 179.462 3.717 13,775 518.815 53 457.459 b} Adrnlnlstration costs AecountAn¢y and ¢h¥ty 8dmini4lr8ts)0 LtyJ813nd profesOal fBes Other administrat expenses 39.174 39,174 .803 15.760 5.918 3.865 43.729 57.4B1 I EAttmal grants Grants rne io InstiiutkS 932 932 dl Ex¢•ptlonAI ¢o$ts Hogpitsl. Bl8ckfoid RoLvn de%¥opmenl pital. Healng Project Fk7SWtal.. Garajes and lack room Est3tè' profeashmal tosis rè Iuiurs do¥4tymèni srt8$ E$tat$. buldiDg Gosls re future de¥eloprnent siles Eslale. presSnal lees re future slrateoy S,890 3,954 4.216 4218 68,240 243,038 25,202 2S,390 37,008 340,696 75.152 Page18 Company registration number 6906918 Charty registration number 1130351
HUGH SEXEY'S HOSPITAL IA eharilable company lirniled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Endowmoni Funos Rè$thctèd unrestra Funds Funds Total 2023 Tolal 2022 S. EXPENDITLIIEON CTr14RITABLEAClllllTrES el &ernance Co•ts dil 7.13S 7,1JS 7,743 7.135 7.1)S 7,743 Oiiantt a¢wurtt¥ntyfees. (all Inclusiv2 oIVAn AudilseNces Non-audilseNces pa011 prep8tabon 7,1JS 7.743 4.TOTL EXPENThTifftE Staff R•paifco$ts Exepiionai Olhercosls 2025 2022 Inslm•nipropèrlYco$ InStmen1Man charg•$ N02 Noi&7D Note 2 Note 3a Note 3 Note Sc Note 3d Note 3e 104.225 55.178 25.237 1$3A03 26,237 87.3ÉJ 2$,$84 HgspItsI opetptsng costs mini$tr¥iion eos Eknrnal grants E?&031 ¢o$ts GOrnan costs 145,197 146,6$2 43,729 932 s3290 43.T29 932 32896 7,135 457,459 57,481 932 75,152 7,743 328,696 Total Tesources ex[¢•d 145,197 344,93 328,69fj 282.894 1 109 722 712.714 5. STC0sT5D RWJMERAnON OFKEY klANArENT PERSOMEL 2023 2022 siall¢osL% auriny the >eaf weo. ès and salaiis Empknsws Natyonai Insuran cofjknbuli0Trs Ile$5 Emploentl0WanceI Pension conknbubon5 134,106 7,2)0 3.861 120.503 6,Q60 2.043 14$197 128.608 Wage3 and salane5 Include iedundancycos15 amounbng ¥&ETrlS12021-22' £nlll Alerage nurnber olemplopes lor the year- 512021-22 Sl None eamed In t)e$$ olt60,000 {2021-22 Tronel. The Trnslconsiders rts keymanagemenlpersftl1 wmprist iP trusttres and tre The total eMplOent benefit5 01tha keym3n3gèmèniwisDnnèl. Induding 8mpio5efS (ntrbutrons, were £51,801 12021-22 £42.7421 $.TArASsErs 2023 2022 A Yéluabo 1.100MOO 1.100.0 TreMsi1015. aercellIng profe5slonal adCe, determined th8lthe Ho$pit81 is a hee assPtP6 a result olthea9e ofthe Hospital there are no records olih¢ 0ri9inai w$1, the Hospibl buildin0$ #iè irtluded ala de5kbp luauon promded byoualifled lu$r5 8131 0¢kn)er2004. based ofj éxsbng use Yalues Ag blere are no pian$ to aiterthe u$e ofthe Hospital buildiTrgs. the Usitors do nolbdievè al he eosts of¢arrwng ouianyfvrther rtKtyluaiw)n$ ofihe Hospital bu1195 caD bejustified Page19 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guaranleel NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2023 7. IPWESTMENTS a} Freehold Inv•strnent propertS0s 2QZJ 2022 At tyeginning ofiheyear 14333.863 15.028,548 vemenl In year". Sales p<ed$ Gain drin9 on sale5 Suiplus ansing reyaiuabon 1799MOOI 11.763,0621 670,089 398,298 Note 12 l)te 12 1,159,232 Ai end of Ihg ye•1 IJ052095 333,863 The Hospital's Land Poents, Fler Fortescue, ree the Invesiffleni properties an OP Market Value basis 8131 Oci¢ber2Q3 Thi$ prtsJu¢ed 8n Unr1$¢ gn reV8lustTh of E1,159.23212Q22 £398.28914Yhi¢h Tha$ been in¢ivded hi Ihe financial ¥tatemt$. the g$in Deing ¢¢diied 10 the Peimaneni Endovment Fund. In &dElion, a property vras 5dd dunng the year. resuiiing in a realised gain ol E358.400 {2022 Realised gain of £670.089.1 Therefore. Ihe neIgTr shown In the Statement of FinaDC4al Pthwlie5 15 E1.517 632 12022. Gain El.068.37S.l bl Intnt portlollo Total Tot Permanent End(Mmenl Unrestred". Former Re$ents Beque51 2123 22 Investment income reCePd n¥gement fee5 charged Fur$ msteo I Iwllhuiavml Unapplied total return all¢¢ate(J lo in¢ome 96,438 125,2371 1,300.000 196.4381 3,158 99,596 100,153 126.5841 1,296,842 198,4J81 Rea1k and reald 9ain51llosse5). Pttn8nent EDdtriiment Former Reden Bequ¢st¥ 72,162 71,16Z {400,7) Noi8 14 557 Nel inciease portfolio value 1,346.925 S57 1,347,482 ie3S.5271 Openino Yaluabon 3,207.661 83.044 5.290.709 3.928.232 Closlng valuatlon fjJB.187 3.290,705 Hi4toriea1 cosi ¢1 lisied In$lmenis 4313487 4 392 29B 2.%9.510 Tre In¥esiment8 artr held as follws. Inbesiment port1) Cash b¥Ances hda by br( 4,638,119 3.19Q,349 IQO,35e 3 290 705 the onu tha r8POtbng ponob the f01k)vn9 hddings ¢ornpn8•J mts than S% ol value ol tho Portlollo. ICS- StlThY ts4uiUty Fund- knumul¥tn Sarn%n End(Mmenls Fund Class A- Income 1,350,9J7 3 190.349 ps d6s¢riDed In n¢ie 10. tho PerMeNt endtriimeni inStM8n¢ wtfolro t181$ £5,308 01 unresiri¢i8d funds Rewised gain5 arMunI9 to £72.162were recogD15ed In the Petrnanent Endent fund 12022. L055 of £400,725.) IN addit. gains of £557 were reL0qnd In the Fomer Adenis. Beque$i FunL% 12022.. Loss 01É11.218.1 Thefty¢, the t¢taJ knsiml gains in Ibe si*em¢ntd Fin8ntsal A¢tiwlie$ am¢unied 10 E72.71912022' Lossof e411.943.1 Page 20 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company lirniled by guarantee) NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 OCTOBER 2023 8. MOVEMENf IN UNAPPLIED TOTAL REfuRN Unappld total ietuFn Is calruiated Irom a start date al 11 Augusl 2011 Thè Hospital's poly * io liansler Into Unrestted IlncLvnel funds eath year an arnnt appro>Jmaiety 4ual lo ol the opening ¥ue of the Pettnanenl Endrnl inveseThI portfdK>. whth 1$ avaable lor Eharitable uses. 2Q22-23 thi5 transferatnwnled io E96.43812021-22' E97,63$1 Th15 Is funded fiom the tolal Inve$imenl relums (income and 9aiDs le$$ managemenl rh¥fgèSI on the Hosprt in%estmenl5. The IAsiiofs intend to keep the dislnbulwJn rak underrevwl and adiusi a& necessary ID lake accouDI QfprèvadS ta$ ol In¥EslmFnt reium The amount Of Pombanent Endmeni In¥51ed underlhe ToLql Reluffl basis ¢tymprises 2023 2022 TLTrtl fixed assets 20,790.202 18,724,568 Exdude" Hentsge a55e15. TlTre Ho$piL41 IMslment propeibès Resideoi$ Bequesi Fund in%stmMts Note 6 Note 7a 11,too,w)I 11 100.000} I15,0.095) 114.333.8$31 183 0441 3.207.661 SB6 Permanent UnappId Endowment Iplum Totsl 2023 2022 Al twinrFing ol porh 2.431 É81 775.980 3 207 661 3.831.970 Investment returns. Reali5ed and unwliswj 9ains Investment COme receivatyio ¥e$lmenl fflan4eTn¢nl e05ts 72.162 .438 125.234 71162 9&438 125,2371 1400.7251 97,835 14?,363 {96.4381 46.925 143.363 196,4381 46,925 Unappiied iolal ielum allocated lo Incomt Un¥ppiieO IOW reium unal10cal al ywond Addrt tunds hive5ted I Iwthdra¥nl 1427.3091 1.300.OUO 1,30QWQ 1197,WO} Net mfftmeni In report9 pwlrAI At end ol wod 13MOOO 4fj.92S 624,309 3.731681 B22.905 3 207,661 As described In note 10 thè pefmanenl endwwl Invlmen1 porfldits conlains £5,3Q812021-22' £381,272) ¢1 unrestricted lund For Mpl1ty thecw¢u13tion of unappiied tota retum Is bas Otl Ihe entire pytTOIio £1,300.OWwas Ited 19 the permanent eDd(vAth•II duriDg Ihtyar Thi$ rapresents hi510tt ivalised $4es as well a5 al1$ ¥¥rthdrth th pr1 years 9. DEBTORS 2D23 2D22 Ivestmenl Inwme- amount$ dve from lenan Prep•ynEnt5 and otherdeblcrs 23,705 111. INTERFUND BALANCES The Cbatity holds Ihree portId5 Saras1n Asset Ntsnagernenf The Iw9er¢f the ihrée ptyrtlo1S makes up part olthe Chty,9 Endovmeni assets. Alhough the Invesimeni pOrt[d is aiio¢aled lolhe eTrdwmwl fund- Il InU*$ a balance of £5.308 12022. £381,272) of unrestj n$ The inlerfuDd b¥ances rellectslbig urtresiricled el¢ThI ol the pwtfolio Page 21 Cornpany registration nurnber 69(hS918 Charity Tegislralion number 1130351
HUGH SEXEY'S HOSPITAL IA charitsble company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {¢ontlnued) FOR THE YEAR ENDED 31 OCTOBER 2023 11. CREOITORS.. AMOUNTS FALLING DUE WITHIN YEAR 2022 Trade tye4itrS. End11 Fund Unre51ncted Funds 7,813 52,071 40,$18 45.141 16.261 sso.000 2.088 p£uvals 8no other¢r1 L?sse Sufrendèr Irdbillty 5wial secunty and oiherlaxe5 Dunng Ihe pdor year, a liabilty of £fjSO,000 betame due 10 a ie8s olone of the Charhty'¥ mNstment propert5. In um. the lessee had Surrender Ihe piopety riThe remnIng le of Ihe lease. The cotre5pwdino Increase In the vaueof Ibe m¥e51rnenl PTopertie5. as a result ol the lease sutrender, ha¥ bw refiett in the unrea1ised yam on inwiwi ppte$ in note 7a. 12. PERMANENT ENDOWMENT FUND 2023 2022 Donatknns Irh¥ards Blg¢kfud Ro(xn devdopmont Note la ExwDditure charged against Endowment Funds.. Hospital. 8iathlrya Room lundraising ¢O$IS H05piial' Blad¥lora Room developmwi Htsspiial Pleating Project Hospiial.. Garages and tack room Esiaiè tost5 It future delOpMent site Eyiaie bviiaing ¢otsis re Iuiufe de¥elopmeThi 8rtes E51ale profes510na lee5 fulure strategy Noltr 3d e3d te3d Noi¥ 3d Ntste 3d NDle 3d {5.69Ql 13.9541 142161 168,240) 1243.0381 26,201 125.3991 136.3381 Nel ryencliluTe the ye¥r 13rf,6961 174.482) Reaised gain arising on sale ol Inve#Ml Properties unreali$ 0• arÉiftg on wIv¥in ol In¥simenl Properties Fund5 linvesied inl Iwrthdrawn fiom Inwstmenl Wlollo Lease surrender Note7 Note 7 Note 7 Noi?11 351 1,1$9,232 11,30fj,0001 670.089 398.288 197.000 1650.0001 1624.3091 Unappld ioial relurn unJlc¢ated ai year-end Nate 8 1,348,925 Net movernent In funds durSng the year Fund ban¢¢$ tyroughl forw$rd ai Start of yr 1,223,861 19,468,314 19.551.729 Fund balanco carrlgd fon¥aFd at •nd of yeaT 2Q 692 175 15.468,314 13. RESTRICTED FUNOS 2023 2022 Extraordlnary R8palr8 Fund Expendiiure durng the yèar Annual iran51erfrorn Income acrJJunt Note 3a Note 14 113,775 t3,776 {13,7751 13,T15 Net mov•rn•nt In fund9 dutlng th• year Fund balances bioughl forward at 51art of year Fund baian¢•s forard tènd of year Unoer the lmS dlh¢ gowning Orders. thelh$rtor$ We rMuiFed 10 translera mnimum ol £880 t0 ExtratrdiDary Repairs Fund, tofund majoi lorty-term tn0dernlsai and repairs. Thevisrfors have agreed 10 Pride for these repar6 using IheAm$house SocIab $ugg8sied ¢oninbutoi rai¢s of t475 periiat. ¥vhich producès an annua chargeor £13.77S. Coslsof r8modeNing flats dunng iheyear exceed thbsfvJurp- ¥n equ $1 has therefo been charyed a951 the Fund. Page 22 Company registration number 6906918 Charty registration number 1130351
HUGH SEXEY'S HOSPITAL IA Charrtable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2023 I UNRESTRICTED FUNDS Income Build98 Fund Form Residwis 8equest Gi¥iDg Fund Total 2023 2022 Sutplusiidefityii torihe y¥r AlCtat 10 BJlldiny Fund 101,225 1332,9361 300.0 {232,2701 1157.8621 Outgoing re8¢ur¢es Defor¢ transfers {198,7751 132,9361 15591 1232,2701 1157 8621 Tw8fws Tot Asset Retum &ljU$tmi Note 7 Ek<raordinwJ Repairs )te 13 96,4 97,6 113,7751 Outgo9 resources ierlransfexs 132.9361 15S91 1149.6071 I74,0) In¥tslmeni gain e7 SS7 Nei movernenl In fu5 dunng ye 1319361 1149,OSOI 185.2201 Fund balaKe5 at slari Lywr 187.029 172.0 91.910 536.219 Fund balances at end ol year 139 124 450.999 Bulldlngs Fund Re¢airs. mtintenarte mudwni¥atiDn cusls atise erralicaiiy ryrtrlhe ytat5." rfcharged direclly to the Incorne Fund the ¥ffjnt of Surplus any yeorcan w4ry gr£ally The objed of the Buildings Fun¢ Is lo even out the tharge against Ihe Income Fund by deèiting a re9ular annu amnt againsi erediling Ihe same to the Bvil0ing8 81 Ich wwdiluTe on repair5. manlenance and ffl¢yJerDlsali Is then char9ed The v10[$ COD&Oer ihat settin9 aside lunds In this a uselul finanual discipline ¥hich wll hélp the Ho$pital IQ m& th be$t useot 11$ re8our¢ès, eiJ¥l though th 1$ no leg¥1 Iirte 10 the designati$ Giving Fund year the Vi%i(Ksdec1de Ihe amovnis toJlo¢ate l¢reemol d4bn5 10 le and regwal benefiarieS In ol large ¢a$n reluiremeni 1¢ the Blklty¢ Rwm. no further has been aiioraled Torgranis Fornier Redents Beguesl$ Fund Fwm lime10 tim& ResQwis 18ft beque$i8 Ioiht Ho$piiai. Th$8 are ktpi In a separaie lund, the InCLvne Ifo ¥thiGh Is made available Por rteffls ol expdItUTertt wll be lo the benefil of all rdenis. as rernnded by the House Commrttee and endorsed by Lne Visiiof5 15. CAPITAL COMMITMENTS AND CONTINGENT LIABILMES At 31 Oclob¥ 2023 and 31 Ociober2022 Ihere We nowiial CClM)Ilment5 or cMlingenl Iiilthes 16. TAXATICW Tho ch¥ritie ¢tsmpany Ig exempl fiorn iaxaiion Ino gain5 failing wlhin talegorie5 COved by Part11. Chapler3 01 Ihe Corporal Taxes Act 2010 or of Ihe Taya11 of Chargeable Ga1Ds Act 1992 to Ihe eent lfval Ihese a appl[ 10 rf$chanlIeobj&. 17. PAYMENTS TO TRVSTEES AND ¢ONNEUED PERSONS AND RELATED PARTYTIUNSACTIOP15 No remuneratth or rethbut5ernenl of expEnse5 wa¥ pwd dunng the yearlo any of IheVigloFS The thaniabieetynpsny has purthas& Iru5tees' liability Insuranc0st1N £1.512 12021-22. £1.1241. The Chanly Commissth has wnfirmed Ihal the ifi$iiofs ha* ptywwto t8ktrcvI $U¢h 8n insur8n¢e Wi¢y No relaled paty Iran5actK)ns tr pl&edurino the year rx pritir ye I& LIALITIEs OF MEMBERS Under parayr8ph 7 ol Ihe fvknoranduffl of Aociall all members underiake to tribUte lolhe asselsof Ihe charrtable company such amouni a5 may be required notexceeding £1. in the e1 d il being Jp duiino the yeard membership and within ye¥r aft¥wards Page 23 Company registration number 6906918 Chanly fegislration number 1130351
HUGH SEXEY'S HOSPITAL (A Charitab company limf(ed by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2023 19a. PRIOR YEARCOMPARATIVES. STAT91 OFFIKANCiALACTivmES Endowment Funds Restricted Unrestftcted Funds Funds Tcial Ineclne frun.. Dona'ons and legaaes Chanlablé 3¢tiIitiéS In$)entS 4,941 162,766 272,304 4,941 162,766 369,939 97,635 97,635 440,011 537.646 Expenditure on.. Raiyiry Funds 26.564 87,363 113.947 Charrtable atti1$." Hospital operats.ng costs ministration costs Ethrnal grants Excepknonal cosls GoNErnance costs 13.775 443,684 57,481 932 870 7,743 457,459 57,481 932 75.152 7,743 74,482 74,482 13,775 510,510 598,767 Tcal expendiiure 101,066 13,775 597,873 7q2,714 N8texpèNJlture befor8 gaiA% 13,4311 113,7751 1157,8621 1175,0681 NeIgat on In¥stmerts.' InseNtpropertie$ Instynentportfolio Lease surrender 1,068,376 1400,7251 1850,0001 1.068,376 1411,9431 16SO,000 Ne¢ IlexrRnditurel trRfore trarsfer3 14,220 113,7751 1169.0801 1168.6351 Trznslers k*tweenfunds 197,6351 13.775 83.860 Net mo¥tmentln fL#)ds 183N151 185.2201 1168,6351 nd baLinces brough¢ fmvord 19.551,729 536.219 20,087.948 Fjnd bae8 carrièd forward 19N68,314 450 999 19,919,313 Page 24 Company registration number 6906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charrtable company limited by gu8ranteel NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 OCTOBER 2023 I• PIIOR YEAR C¢)MPARAmVES.8ALAPKESHWAND RJNOS Endowmenl Funds Resthcied Unresthcted Funds Funds Total 2024 xed agsets Herikye assets.. The HospiÈl 1.100.000 1,100,000 In¥eslments". Freehold properbe5 Estynelllportfollo 14.3Y3,863 3.207,861 14a33,863 3.290,70S 83,044 18,641.524 82,044 18,724,568 Currentass4ts Debtors Inttrrfund balan5 Cash al bank and in hand 19,261 381.272 30,912 1>261 1381.2721 1,858.062 1,888,974 1.476.790 431.445 1,908,23S Creditor$. amounts falling due within one >eaf 1650.0001 163.4901 171>.4901 Net currentassets Illlablltthsl 826.790 367.955 1,194 745 Total assets less current liabllttks 19N68,314 450,999 19,919,313 Cap1 funds Permdnenl Endowment Fund 19,488.314 19,468,314 Incorne funds Resthcted Unrtstrcted 450.999 45Q,999 19N68,314 450 999 19,919,313 VNPESTRICTEDFL•4DS COMPPJSE. Intome Fun(J Fomer Residenis 8equest Gimng Ftsnd Total Fund Surpluslldefiull forthe sear Alocated to Bullding Fund 45.540 1130,0001 1202,3021 130.000 1157,8621 Outcoing resources before wansfers 184.4601 172,3021 1157,8621 Transfers Permanent Endowment Eknaordinary Repairs 97.835 113.775) 97,635 113,7751 Oulgoing resources after transfers 16001 172,3021 174,0021 InkEstrnellllos5e5 Nei decrease in funds during 5e3r 1600 172J021 1853201 Fund balances al start of)ear 187.629 244.362 104.228 536,219 Fund bakgn¢o8 at ènd ofyeaF 187,029 172060 91,91Q 450,599 Page 25 Company registration number 69918 Charity registration number 1130351