HUGH SEXEY'S HOSPITAL REPORT OF THE VISITORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Company Registration Number 06906918 Charity Registration Number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Page Report of the Visitors Independent Auditorfs Report 10-12 Statement of financial activities 13 Balance sheet 14 Cashflow Statemer)t 15 Accounting polioes 16-17 Notes to the financial statements 18-25 Page 1 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 The trustees, who are known as the Visitor5. are pleased to present their annual report together with the financial ststements of the charity for the year ending 31 October 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements Comply with the Charilip.q Act ?011. thp. fnmpAnip% Art ?n06, thg. Mp.morandum and Articles of Association, and Accounting and Reporting by Charities: Ststement of Recomménded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). REFERENCE AND ADMINISTRATIVE DEfAILS Registered Office Hugh Sexey's Hospital. High Street. Bruton, Somerset. BA10 OAS Visitors {all ar8 Trustees, and Directors of the charitable company): James Buxton {Chairman) Edward Bond lan Hepbum Susanna Deverell (Resigned 5 March 2024) Ann Lee Dan Bradshaw Mary Clare Rodwell Matthew Rawlingson-Plant Melinda Baker (Appointed 17 January 2025) Lucinda Sunnucks (Resigned 5 December 2024) Dr Susanna Davidson Edward Hobhouse {Resigned 4 April 2025) Emily Showering Julia de Salis Rupert White Janet Montgomery (Resigned 24 April 2025) Nicholas Mann (Appointed 17 January 2025) Officers and Advisors The Master Helen Rogerson Finance and Administration The Trust Partnership 6 Trull Fami Buildings. Tetbury, Glos. Land Agents Fowler Fortescue The Old Dairy. Fonthill Bishop, Salisbury. Investment Advisers Sarasin & Partners LLP Juxon House, 100 St Paul Churchyard, London. Bankers CAFBank Ltd. 25 Kings Hill Avenue. West Malling. Kent. Audltors Suwller AuditLu LiwTiil¢tl, County Gate, County Way. Trowbridge, Wiltshire.BA14 7FJ Soiicitors Loxleys. Langford Mill, Wotton-Under-Edge. Glos. Stone King, Upper Borough Court. Bath Page 2 Company regislration number 06906918 Charity regi5tralion number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Hugh Sexey's Hospital is a charitable company incorporated and registered with the Charity Commission (1130351) 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 06906918) is limited by guarantee and was registered on 12 May 2009. The Trustees of the charity, who are known as the Visitors. are also all directors of the charitable company. There are currently fifteen Visitors, which allows for succession planning and a diverse skill set commensurate with the charty's wide range of investments. which include an estate gifled 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 time voluntarily and receive no benefits from the charitable company. As part of the induction process. new Visitors are briefed on the background and history of the Hospital and their responsibilities under charity law by the Chairman and the Master. A file of relevant documents is provided and all Visitors are encouraged to 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 times a year., there are sub-committees covering House (Residents), Buildings, Finance, Estate matters. The Visitors receive regular reports from the Master, Finan Manager, Land Agents, and Investment Advisers, and make all policy dlSIOnS. 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 account rates of inflation, changes in their roles and responsibilsties and comparison to remuneration levels for similar roles in other organisations. There is also a house-for-duty Chaplain who resides on the Hospital site for the majority of the year. The Visitors have undertaken a complete review of arrangements relating to risk management in the following areas= Govemance Operational Matters Financial Matters Compliance Matters Envlronmental and Extemdl Fiiclors The charity is a member of The Almshouse Associakn'on. Page 3 Company registration number 06906918 Charity re9istration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 OBJECTIVES AND ACTivrriES The Object of the charity is to provide almshouse accommodation for eligible beneficiaries within the area of benefit which includes Bruton and named parishes. Eligibility includes local older people in necd. Applicants living outside the area of benefi¢a may be offered accommodation at tha Hospitsl but their overall number is restricted. The use of the word Hosprtal refers to the historic term for an almshouse and has no relevance to the accommodation provided today. The Hospital maintains a list of expressions of interest from applicants, and empty flats are allocated to those most in need at Ihe time a flat becomes vacant. As f]ats become vacant, a review tskes place by the Master. and modernisation is undertaken in line with the most recent regulations. Further Objects are charitable purposes for the benefft of residents and other such charitable purposes as the Visitors 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 maktng 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 alrnshouses include measures to ensure resident welfare. through the provision of a warden. regular contact and fostering community spirit. Ensuring that vacant flats are re-allocated within as short a time as possible commensurate with refurbishing where necessary. Maintaining the almshouse buildings. which are listed or within the curtilage of a listed building. and ensuring they remain fit for purpose. Managing the investment portfolio and the endowment properties on the estate to ensure maximum income for the almshouses and the charitable purposes. Public Benefit The Visitors have reviewed the Charrty Commission's guidance on the requirement to report on public benefit. They are satisfied that the work of the Hospital in providing almshouses. as described above, accords with its ststed objects and provides tangible public benefit to those eligible within the area stipulated within the goveming document. There are no voids within the almshouse and residents are allocated accommodation following an application process where the resident in greatest need is offered accommodation at the ts'me 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 06906918 CharTty registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 ACHIEVEMENTS AND PERFORMANCE Voids (empty flats) throughoutthe year were minimal and the charity maintains a list of applications so that empty properties can be turned around as quickly as possible. Increases in all areas of Hospital expenditure continue to be a concem, particularly for maintenance & repair issues and energy. Quinquennial repairs and refurbishment have continued through the year, where possible concentrating on external works. mostly masonry repairs. for which considerable resources have been applied. A Giving Committee normally agrees the Hospital's policy for external donations, in compliance with the third of the Hospital's objects, 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. Those amounts that have been gifted are at a minimal level. 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 Visitors held an away-day in order to consider the content and full implications of the reviewerfs report including the recommendations. Since that time. an action plan was compiled which has led to changes in practice and the implementation of several new policies. Strategic planning remains a focus for the board and a number of opportunities are being considered, with a view to extending the valuable work of the charity in providing accommodation to those in need. The Visitors are concentrating more on the strategic direction of the charity and less on the operationa5 aspects which are mostly delegated to the Master. The way in which resident contributions are calculated is under review, to ensure that the charity's approach to chargas is transparant and aquitable. The condition of investment properties is regularly reviewed and the necessary resources are applied for repairs and improvement in order to ensure the assets are maintained to an acceptable standard. In the interests of best value, the chartty has secured a long term agreement for its insurance cover. Any valuable contents have undergone a re-valuab'on exercise to ensure sufficient insurance cover is in place. Page 5 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 FINANCIAL REVIEW Financlal results Investment income amounts to £434,940 (2023: £386.894), an increase of £48,046 (12.40/.), due to an inerease in property incorne. Residents. eontributions were inLYeased by 4.50]. from September 20?a and income received increased to £234,472 (2023.. £194.487) due to an increase in occupancy rates. After receipt of donations amounting to £9,99612023: £4.801). and £50.000 income received in compensation against a Gontract failure. total income increased by £143,225 to £729.408. Expenditure on raising funds comprises costs of managing and maintaining the investrnent properties, managing the investment portfolio. and fundraising towards the Blackford Rtjom. and amounted lo £168.206 (2023: £176.640), a decrease of £8.434 which was largely attributable to lower repairs and maintenance costs. Hospital operating costs have increased by £32,886 to £565.476 (2023: £532.590). Day-toknday running costs have increased by £13,191, due largely to increased costs of staff, and Hospital repair costs have increased by £24,838 10 £265.549 - these by their nature fluctuate significantly from year to year, as various repair proj'ects are carried out. Administralion and govemance costs have increased by £4,040 due to increased administration costs. External grants to l¢Jcal sch¢Jols amounted to £932 (2023: £932}. Exceptional costs of £255,463 were incurred in the year (2023: £340,696}. The majority of these were the building costs for ongoing development schemes. which amounted to £137,610. In addition, £75,218 was incurred for professional fees for ongoing development schemes. and £42,635 was incurred in connection with future Estate planning matters. After inclusion of all expenditure, which amounted to £1.047,592 {2023= £1,101,722) including exceptional costs, there was an overall deficit for the year. before inclusion of gains on investments, of £318,184 {2023- £515.540 deficit). The Estate properties were revalued by the Hospital's Agents. FovAer Fortescue, at 31 October 2024, which gave rise to a gain of £152.304. There was an increase of £552,487 in the value of the investment portfolio 12023.. £72,719 increase in value). After including all expenditure on the Blackford Room and inveslmenl gains. overall funds have increased by £386,60712023: £1,074.812 increase) and amounted to £21,380,732 (2023: £20,994,125) at the year- end. The Endowment Fund increased in value by £427.686 {2023: increased by £1,223,861) and amounted to £21,119,861 {2023- £20,692,175> al the year*nd. There was an unrestricted defictt of £41.079 arising in the year (2023: defictt of £149,049), therefore Unrestricted Funds decreased to £260.871 {2023'. £301.950). Page 6 Company registration number 06906918 Charity registration number 11303S1
HUGH SEXEY'S HOSPITAL IA Gharitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 Information on Fundraising Agreements with Third Parties (as required by the Charities 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 to 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 to ensure that the Hospital properties are kept fully maintained. the Visitors have a policy of undertaking quinquennial reviews of the state of the buildings - this review was carried out during 2018 by the Hospital's architects and a costed programme of vkS drawn up to cover all matters idenlified. In October 2020 Ihe Blackford Room was completed. at a total cosl of £1.25m' the Visitors consider that this cost fails to meet the test for capitalisation of expenditure as there is no subsequent economic benefil arising from this expenditure, and no new charitable outputs. so it has been fully written off against Endowment Funds there was a residual cost of £97.683 which was written off against the Income Fund in the year ended 31 October 2020. Investments Hugh Sexey's Hospital is a permanent endowment. with assets held in perpetuity. The investments comprise agricultural and residential properties. which comprise 75 /. (2023.. 76 % ) of the value of the investments, and an investment portfolio. The Visitors regularfy review the constituent parts of the Hospital's endowment, to monitor the balance behveen the values of the investment properb'es and the Stock Exchange investments but realise that with fluctuations in values, the ratio will change over lime. Investment Properties The Visitors employ agenls, Fowler Fortescue. to manage their investment properties. known as the Blackford Estate, and a long-term management strategy is being implemented. It is not possible to adopt Total Asset Return basis for the investment properties as their illiquid nature means it is impossible to withdraw any unrealised gains without disposing of properties. Fowler Fortescue carried oul a desktop revaluation of the Estate on an Open Market Value basis at 31 October 2024. valuing the properties at £15.204,399, an increase in value of £152,304 which was credited trj the Permanent Endowment Fund. A review of the agents was carried out in 2024 and after a competitive tender exercise, Fowler Fortescue have been reappointed. Quoted Investment Portfolio The Visitors adopted in 2011 a Tolal Retum approach to 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 total retum to the Income Fund, to subsidise the running costs of the Hospital. The Visitors believe thls gives a falr balance beeen the interests of current and future beneficiaries. In 2011 the Pemianenl Endowment investments were valued at £2,271,405. A further £2,600,619 has subsequently been invested, and cash of £1.290,343 was withdrawn to fund the Blackford Room construclion. Therefore. the balance stands at £3,581,681 (2023: £3.731,681). Page 7 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 After discussions with the investment managers the annual transfer to the Income Fund was set at 30/0 of the opening value of the portfolio {exduding cash balanS}, or £136.638. Total investment returns in the year amounted to a surplus of £617,482 (2023: surplus of £143,363) - actual income received of £104,920 wa5 slighuy less than the target so this amount has been credited to the Income Fund. leaving £480,845 credited to Unapplied Total Relum. Therefore, the cumulativo balanc0 sin¢a tha policy was adoptad now amounts to £1,303,750 {2023: £822,905). When added to the Capital balance, the closing portfolio has a value of £4,885.431 (2023: £4.554,586). RESERVES POLICY At the start of the year, total unrestricted funds were in surplus by £301,950. During the year, unrestricted fvnds have decreased by £41.079 lo amount to £260.871 at the yearnd. Under the terms of the Hospital's goveming documents, the Visitors are obliged to maintain the Hospital, which is a Grade I listed building and inalienable, and they believe it prudent to maintain reserves in a designated Building Fund to allow them to cover anticipated repair costs for both the Hospital and thg investment properties. Each year, the Visitors consult wth the estste manager to con5ideT the amount that should be held in reserves within the Building Fund. This year. a transfer of £400,000 12023= £300.000) into the Building Fund was agreed by the Visitors. Expendilure amounted to £307.697, and therefore. taking into account existing reserves within the Fund. it was determined that a transfer of £300,000 was sufficient. As such. this gave rise to a deficil of £7.697, and so Ihe closing Fund balance amounts to £131.42712023: £139.124). The Visitors are of the opinion that the closing balance held within the Building Fund is sulficient to fund foreseeable repair costs, however have set the transfer for 2024-25 at £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 Hospital in previous years which have been designated to provide benefits for residents.. this has been invested and 15 managed by the investment managers. During the year, there was a deficit of £821; after including an increase of £11.766 in the value of investments, the fund increased by £10,945 to amount to £102,854 {2023'. £91.908) at the year- end. The unrestricted Income Fund, being amounts that have not been designated by the Visltors, as described above, has decreased by £44,327 during the yearto stand at a surplus al £26,590 (2023.. surplus of £70.917) at the yearnd. This represents approximately three months of Hospital operating and administration costs, which the Visitors consider to be a prudent level of reserves. PLANS FOR FUTURE YEARS The overall plans are to keep the almshouse a0mmOdation fully occupied by eligible rèsidents and to maintain a good community spirit wthin the Hospilal by continuing to employ experienced staff, keeping the fabric of the H05Pital in good order, ensuring as far as possible that the Almshouses are suitable for the changing needs of an older population. and to maintain the value of the Hospital's endowment, with a view to 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 currently by Fowler Fortescue land agents. There are potential landlord liabilities identified in relation to the replacement of buildings and fittings and the agents are advising on options available lo the Visitors. In this regard there are plans to re-develop certain areas of the estate, subject to Page 8 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A Charitable company limited by guarantee) REPORT OF THE VISITORS FOR THE YEAR ENDED 31 OCTOBER 2024 the required permissions for charity land disposal, which will ensure sustained income from an efficienl estate into the medium to long tem. With the recent completion of the capital project lo provide a community room within the Hospital, Visitors are concentrating on a repairs programme identified in the quinquennial survey whir.h was iipdated this year. VISITORS. RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Visitors (who are also directors of Hugh Sexe5 Hospital for the purposes of company law) are responsible for preparing the Report of the Visitors and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Visitors to prepare financial statements for each financial year. which give a tnje and fair view of the state of affairs of the charitable company and of the incoming resources and applicats'on of resources. including the income and expenditure. of the charitable company for the year. In preparing these financial statements. the Visitors are required to- select suitable accounting policies and then apply them consistenlly., observe the methods and principles in the Charities SORP-, make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Visitors are responsible for keeping proper accountsng records that disclose with reasonable accuracy at any time the financial posttion of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. In so far as the Visitors are aware.. there is no relevant audit information of which the charitable company's auditor is unaware- and they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. SMALL COMPANY PROVISIONS This report tr)as been prepared in accordance with the special provisions for small companies under Section 415a of the Cornpanies Act 2006. Approved by the VFSltors on 4 July 2025 and signed on their behalf by-. - Mr J Buxton - Chairman of Visitors Page 9 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HUGH SEXEYS HOSPITAL FOR THE YEAR ENDED 31 OCTOBER 2024 Oplnion We have audited the finanaal ststemenls of Hugh Sexey's Hospitsl (the 'charilable company'} for the year ended 31 Oclober 2024 whiGh comprise Statement of Financial Activitie5. Balance Sheet. Ca5hflow Statement and notes lo the financial ststement5. including a summary of significant accounting policie5. The financial reporting framework that has been applled In Ihelr preparaiion Is appllcable law and Uniled Kingdom AcGDunting Standard5, including Fliidiibial Reporting Standard 102 The FinanthalRepong Standard applicable in the UKand Republic of Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements-. give a true and fair vrew of the state of the charitable company's affairs as al 31 October 2024, and of its ineoming resources and application of resouree5. including ils income and expenditure, for the year then ended- have been Pfopedy prepared in 3rdance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance the requbrements of the Companies Act 2006. Basis for oplnion We conducted our audit in accoroance ¥th Intemational Standards on Auditing {UKI {ISAs {UK)) and applicable law. Our responsibilities under those stsndards are furlher described in the Auditor's responsibilities for the audit of the financial statements section of OLFr report. We are independent of the charilable company in accordance with the ethical requirements that are relevant lo our audtt of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other eth1 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relalln9 to going conwn In auditing the financial statements. we have concluded that the trustees, use of the going conrn basis of accounting in the preparation of the finanaal stslements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectivdy. may cast significant doubl on the chari5 ability to continue as a going concem for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibililies and the responsibilities of the trustees wsth respect to going concem are described in the rel8vant sections of this report. Other Inlonnation The Visitors are responsible for the other infomialion. The other information comprises the infomation induded in the Report of the Visitors. other than the financial statements and our audito¢s report thereon. Our opinton on the financial $talemenls does not cover Ihe other information and. except to the extent othetWi5e explicitly staled in our report, we do not express any fomi of assurance conclusion thereon. In connectlon wlth our audlt of the flnan(aal 5taternents, our respon51bility Is to rBad the other Irrforrnauon and, In ijuiny so. consider whether the other infomiation is materialty inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idenb.fy such material incon51slencies or apparent material misslatemenls. we are required to determine whether there is a material mi5Stalement in the financial slaleinenls or a material misststement of the olhgr information. If, based on the work we have performed. we conclude that there is a material misstatement of this other infoation. we are required to report that fact. We have nothing to report in Ihis regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audiL Page 10 Company registration number 06906918 Charity 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 2024 (continued) the infomiaJon given in the Report of the Visitors {incorporating the directors. report} for the financial year lor whith the financial slalemenls are prepared is consistent wth ihe finanual statements.. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch wg ar8 requlred to rgport by exceptlon In the light of our knowledge and understanding of the charitable CLKnpany and its enmronment obtained in the course of the audit. we have not identified material misstaiements in the directors. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 quireS us lo report to you if, in our opinion.. adequate accounting records have not been kepL or retums adequate for our audil have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and reknms: or certain disdosures of directors, remuneratior) speufied by law are not made.. or we have not received all the information and explanations we require for our audit.. or the Visitors were not entiled to prepare the finanual statements in accordance wth the small companies, regime and lake advantage of the small companies, exemptions in preparing the directors. report and from the fequirernenl to prepare a Strategic report. Responsibilities of Visitors As explained rnore lully in the Visitors. responsibilities statement setovl on page 9, the Visitors {who are a150 ihe diTectors of the charitable company for the purposes of company law) are responsible for the PTeparatson of the financial statements and for being satisfied that they give a true and fairview, and for such inlemal control as the Visitors determine is necessary to Ènable the preparation of financFal statements Ihal are free from material misstatement. whether due to fraud or error. In preparing the financial stalernents, the Ifisitors are responsible for assessing the charitsble company's ability to continue as a going concem. disclosing, as applicable. mattefs related lo going concem and using the going concern basis of accounting unless the Visitors either intend lo liquidaie the Charitab company or to cease operations. or have no realistic altemalive but to do so. Audltof s responslbllllies for the aud1¢ of thg Ilnanclal statements Our objectives are lo obtain reasonable assur8nce about whether the financial 5ts1emenls as a whole are free from rnatersal misstatefnent, whether due to fraud or error. and to issue an 8udrtor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit Conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, Ihey could reasonably be expected to influence the economi decisKJns of user5 taken on the basis of these financial statements. Based on our understanding of the chaTsty and sector. we Klentrf*d that Ihe principal risks of nonwcompliance with laws and regulations related lo company and charity legislation. and we considered the extent to which non-compliance rnight have a material effect on the financial slalements of the charity- We also considered those laws and regulations that have a direct impact on the preparation of the finanryal statements such as the Charities Slalemenl of ReGOTnmended Practice and the Companies Act 2006. We evaluated management's incentives and opportunib"e5 for fraudulent manipulation of the financial statements (induding the risk of override of controls) ano delemiine(J thai ihe princlpal rlsKs were management bias in accounting estimates and judgemental areas of the finanryal statements. Audit procedures performed by the audit en9agement team induded: Discu55ions with management. including consideration of known or suspected instances of non-complianee with laws and regulation5 and fraud., Understanding of managemenvs intemal controls designed to prevent and detect iThegulanbes, and fraud. Reviewing the Minutes of Board of TTUStees meeting5- Designing audit procedures to incorpornle unpfedidability around the nature, timing or extent of our testing of expense5" Perfomiing analytical procedures lo identify any unusual or unexpected relationships that might Indite risk5 of material misstatement due lo fraud,. Reviewing of the finanaal 51alements disclosures and testing to supporting documentab'on to assess comFAiance wth relevant laws and regulations discussed above" Page 11 Company registration number 06906918 Charity 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 2024 (continued) Auditorfs responsibilltles for the audit of the financial statements (contlnued) Identifying and teslingjoumal entries, in particular anyioumal entries with fraud characteristics such asjoumals wilh round numbers. 8ecause of the Inherent limitations of an audit, there is a risk that we wll not delecl all irregularities, including those leading to a material misstatement in the financial statemenL8 or nonacomp11an wth regulation. This risk increases the more Ihal compliance Wbth a law or regulation is removed from the events and transactions reflected in the financial ststements. as we will be less likely lo become aware of instances of non<ompliance. The risk is also greater regarding irregularllies occutring due to frdud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentslion. A further description of our responsibilities for the audit of the financial statements is located on the Finanual Reporting Council's website at.. www.frc.org.ukl8udttotsresponsibiliknes. This description forms part of our auditorfs report. Usè of our report This report is made solety to the charitable companrfs members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the Gharitable company's members those matters we are required to slate lo them in an auditorfs report and for no other purpose. To the fullest exlenl perynitted by law, we do nol accept or assume responsibility to anyone other than Ihe charitable company and the charitable cofflpany's members as a iM)dy, for our audit vrk. for this report. or for the opinions we have fonned. James Gare (Senior Statutory Audilorl for and on behalf of Sumer Auditco Limited Stalulory Auditor Chartered Accountants County Gate, County Way Trowbridge Wiltshire BA14 7FJ Page 12 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by 9uarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Endowment Funds Reskn"ctÈd Unr8slricted Funds Fund$ Total 2024 Total 2023 No Incom• from: Oonatrons Chantsble a(Mb"es kn%Esfmefitactsiities Oher income 9,996 ?14 472 330.020 9.996 234.472 434.940 so.000 4,801 194,497 386,894 1b 104,920 50.000 Total 154.920 574.488 729.408 586.182 Expsndlturo on: 28.158 140.048 168206 176,640 Charttable actl¥it5. H05Pital operating c051s Porninistratson cosls Etsrnal grants EKeptsonal costs (k1Mance costs 13.175 551.701 47.769 1.932 563N76 47.769 1.932 2S5,463 B.74$ 532,590 43,729 932 340.696 7.135 3b 255.463 38 8.746 255.463 13.77S 610,148 879 386 925.D82 Total exp•rK 283.621 73.775 750,195 1,047,592 1.101.722 Net expendltur• b8fofe gains {128.7021 113.77SI 1175,707} (318.1841 1515,5401 t garn on irbWStmÈnts'. properbes In¥estyneni porifolio 7a 152.304 540.721 152J04 552,487 1.517.632 72,719 11.76fj Net In¢(vne Ilexpendlttsrel before tran5for8 TraMlÈrs bolween W,323 113.7751 1163.9411 13,775 386.607 1.074,812 13&14 1136.6381 122.863 Not m0ment infunds 427.686 141,0791 38807 1.074.812 Fund balan¢e5 brw lonvard 20.692.175 301.950 20394.125 19.919.373 Jnd bala19 carried lor*ard 21.119A61 260.071 21 J80.732 20.994,125 The above results relate whcAly lo continuing activities: there were no recognised gains or1055es other than those included above. The Statement of Financial Activities also complies with the requirement lo prepare an income and expenditure account contained in the Companies Act 2006. The accompanying accounting policies and notes form an integral part of these financial statements Page 13 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charriable company limrted by guarantee) BALANCE SHEET AT 31 OCTOBER 2024 Endowment Funds Reskn"(led Unresth"¢kd Funds FundB 71ts1 2024 Total 2023 No FIX o•••ts Heritsgtr assets.. The Hospftal 1.100.000 1.1110,000 1,100,000 Inwstments.. Freehold properbes Insknent portk)lio 141.204,395 4.917.149 183Q4.J99 1 o,Oo2.09 4,638.187 7b 95.367 21.221.548 95.367 21 20.790.282 rrert a•••t• Debtors Interfvn¢Y balanees Cash at bank and in hand 31,422 101.361 195.199 31h22 29.189 10 1101,3611 115.1 277.608 {101.3611 247,983 146M21 306,797 credirs.. amounts falling due wthin one ar P251 182,4791 1121041 1102,9541 V•t eyrrertas•ets IIU•blllti¥l 701.686 165,504 203.843 Totsl 19•• Current Nail1 61 260,871 21 J60 n2 20,994.125 Ca1 iunds Pèrnanenl EndowTnent Fvnd 12 21.119.861 21.119161 20.692,175 Restiided ufir8sln.rled 14 260,871 26071 301,950 21.119 81 260M71 21 20,994,125 The Visitors have prepared accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for cirGulation to members of the company. The financial statements were approved by the Visttors at their meeting on 4 July 2025 and were signed on their behalf by.. Mr J Buxton - Chaiman and Director Mrs E Showering - Director The accompanying accounting poltcies and notes form an integral part of these financial statements. Page 14 Company registration number 06906918 Chanty registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2024 Tot•1 2024 2023 C¥sh Ilows from tJp•raUNJ acfmiles Nel outgoing resources, per Ststementof Financial Pth"iibes 1318.1841 1515.5401 Pljustments for.. DIMdends and bank interest Ilncreasel Ide¢aSe in debtors Intrease I Ideereasel in Cfeditors 1117,0681 122331 120,1501 1133.9521 19.9291 1810,5361 Netcash used in opefal.ng ath'%ities 1.269.956 C•ah 11rys Iroffl ItIng aCtlviEle8 In%estrnent Income Netproceed5 from 581e of inbeslment properoès Nel proceeds from Sa ofinvèstrments Purchase5 olifilpstrnents 117M58 133.952 799.400 175.0501 11,300,000) Note 7a 178,168 Netsh generaw from insong acb%itie5 295317 441,698 Ch•n9e In cash and cash •qulvalefts reportlrvj per Cash and cash •qulval•nts atth• Ixglmhig t)fts r¢ylkn9 perh {162A091 11.711,6541 1,989,330 277A76 CBsh al cash equivalents atthe end ofthe repcfftkng ptrtod 115367 277,678 of cash and cash •qulvalents Bank Balances Cash held as partof insestrnentporfolk) 115.199 277.608 Total sh and cash equilentS 67 277,678 Page 15 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2024 Legal status of the Charlty The Charity is a company limited by guarantee. incorporated in England and Wales. and has no share capitsl. In the event of the charity being wound up. the liaknlity in respect of the guarantee is limited to £1 per member of the charity. The address of the r9gistered office is gNen in the ref8rence and administraltve details on page 2 of the financial slalements and the nature of the charity's operations and principle acttvities are detailed in the Report of the Visitors. statement of Compliance The charity conslilutes a public benefit entity as defined by FRS102 The Financial Reporknng Standard applicable in the UK and the Republic of Ireland.. These financial statements have been prepared in compliance with FRS 102, the Statement of Recommended Practice applicable lo charities preparing their accounts in acrdanCe with the Financial Rgporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {Charities SORP IFRS 102, the Charities Act 2011 and UK Generdlly Accepted Accounting Practice. Basis of accounting The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain rinancial assets and liabilities and invesknents measured al fair value through inc4Jrne or expenditure. The financial ststements are prepared in sterling. which is the functional currency of the entity. Going concern Theie are no materid uncertainties at*Jut the charivs ability to continue. Judgornents and key sources of estimation uncertainty The Hospital makes eslimales and assumptions conceming the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a SnIficant risk of causing a material adjustrnenl to the carrying amounts of a55ets and fiabilities wilhin Ihe next financial year are addressed below. Valuation of investment property An extemal independent valuer. having appropriate reCJniSed professional qualifKations and current experience of the location and type of property being valued. values the charity's inveslment propety. Fair values are based on market values. Market values are the estimated amount for which a property could be exchanged on the dale of the valuation beNveen a willing buyer and a wlling seller in an arm'5 length transaction after proper mat1(eting. Taxation No provision is made for Corporation Tax as the charity is able to daim full statutory exemption subject lo the proper application of all its charitable resources. Liablllties Liabilities are recognised in fum in the finanual statements as soon as the obligation arises. Finan¢ial Instruments Basic financial instruments are initially recognised at the amount receivable or payable including any related transaetion e05ts. unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted al a market rate of interest for a similar debl instnjment. These include cash, debtors olher than pr¢paym¢nts. and Credit¢ othcr than taxation and social security costs and dpferrèd in¢om&. Cutrent assets and current liabilities are subsequenuy measured at the eash or other consideratb)n expeeled lo be paid or received and not discounted. Page 16 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 OCTOBER 2024 Fund accountlng Pernianent endowment.. The Hospilal has a permanent endowme which il is legally prevented from spending and which must remain inlacl as part of the Hospilal's capilal.11 has invested the endowment to provide income for its charitsble activities. Re>lriGted funds: thes¢ are held to be used lor spffied purposes a$ ld down by the goveming documents or by the donors Unrestricted funds: these are other incoming resources received or generated for expenditure on the generdl objectives of the Hospital. The Visitors have desHJnated certain of the unrestricted funds; they have decided that setting aside fun(Js in this way is a useful financial discipline which will help ihe Hospital to make the best use of its resources, even though there is no legal force to the desonations. Income and expenditure All income is recognised in full in the statement of financial acb"vities when the charity is ally enttlled to the income 8fter any perfomianc8 condttions have been mat. the amountcan be measured reliably, and it is probable that the income will be CeIved. Expendittjre is charged on an accruals basis and is allocated beeen expenditure incurred on management of Ihe investments. expenditure in fvlfilment of the Hospitsl's objectives (direct charitable expenditure) and expenditure incurred in the governance of the Hospital. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Herltage Assets The Hospital is 8 listed building of historical importance and as ils Pfeservation and conseryation is one of the Hospital's objectives, it 15 regarded a5 a heritage asset and the Visitor5 take steps to ensuie it is properly maintained. As a result of the age of the Hospital there is no record of any original costs. No depreciation is charged on the Hospital buildings- the Visitors consider that this policy is appropriate given the historic nature of the buildings and the nature of the Hospital's adivilies which ensure that the buildings are maintained in an excellent state of repair. Investments Investment properties are induded in the balance sheet at their estimated market value. Investment properties are formally revalued at least every five year5 by retevant professional valuer5 and are reviewed annually lo ensure that the most recent formal valuation is still reasonable. No depreciatson is provided in respect ol investment properties as these are held for investmènt and the Visitors consider that this policy is necessary to give a true and fair view. Listed investments held for investment purposes are stated at market value 8t the balance sheet d8te.' gains and losses arising on revaluation are credited or debited to the appropriale fund through the SOFA. Currenl asset investsmenls are short term highly liquid investments held at fair value. These include cash on deposit and cash equivalents wlh a maturty of less than one year. Dividends and interest from investments are crediled to income on a receivable basis. Rctirernont benefits The Hospitsl operates a defined Contribution pension scheme. The pensiorF costs charged against operating income are the contributions payable to the scheme in respect of Ihe accounting year. Grants payable Grants are recognised in the finanal statements vthen a commilment has been made. and there are no conditions to be mel relating lo the grant which remain in the control of the charity. Grants with performance conditions are only recognised in the financial slalements once Ihe re¢ipient of the grant has piovided the specified Servi Of Output. Page 17 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Endowment FUd8 Re5thcted Unrnscted FndS Fun¢Js Tatsj 2024 Total 2023 1. IIKOMÉ Towards cost8 olwnnlng the Hospllal 9.996 gJ96 4.801 9.996 9996 4.B01 1bl (•1m•bI• a¢tMU•¥ Conbibutsons from resmlenls 234.472 234.472 194,487 Icl InslmèThtxeti¥it InsfyTrentpropetyincorne Diwdends and bonkinleresl 317081 12.139 31781 117.058 252,942 133,952 104.920 104.920 330,020 434.940 386,894 1• Oth•r kn¢•rn• Othértneomé so.000 50,000 50.000 ,000 154.920 574.486 729AO• 586.182 knb¥tm•rt prop•rty¢osts'. Cos¢s olEstale management D8sLb>dayrepairs and maintenah 92.860 47.188 92.060 47.108 59.178 92.225 140.048 140.048 151,403 Brokers rnanagementfpes 7b 28.158 28.15$ 25237 28.158 140.048 168206 176,640 Emplo5The•l costs 0&r Hospilal costs Nok5 156.S94 144.759 1SIA94 144,759 145,197 142,965 Dayb>dayrunnlng costs 301.353 301J53 2B8,162 Amshovsg paIrS and imprornets Former ResidenL%' Bequesle)Vendirt 13.775 246.734 3.614 260A09 3.614 240,711 3,717 13.775 551.701 56SA76 532,590 bl AdmtratIOn ¢o•ts unlancyand charityadministrdoon Legal and professional fees Other8dmirustratron eynse5 43.946 43J4B 39.174 690 3,865 3.824 3M24 47.789 43,729 Grdnts made tts 1,932 1932 932 ) Exc•pthxwl ¢osts Ho$pik81". Hoalirtg Proj•ci Estale.. profes510nal u)sts re de0pMentS E5tate.' buildirvj costs Tefvture del¢pmentsikn5 Estste.. profe55ional fèes refu)JrÈ strab 4.218 68.240 243.038 25.202 75218 137.610 42.635 7S218 137.610 42.63$ 255.463 2SS,463 340.696 Page 18 Company registration number 06906918 Charity regislration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Resthded UnrÈstric12d FuTrd5 Funds Totsi 2023 Fund5 2024 •) ¢Mrnaa Costs dil fees 8.746 8,746 7,135 8.746 B.746 7.135 itand arxountsnLyfees". (all Inclusi of VAT) AJditseNce$ NOUdit5eqreS- paJToII preparatsjn 8.746 7,135 .ToT EXP8ifftIAE Slaff cos Rep&irc05ts Exepfjonal CXhercosLs 2024 2023 knsbmenl ppertY¢O5ts Instrnenl mar.char9es Hospilal opgrdbng costs ministration costs EthITioI yTdiil¥ ExEpb'onal o)sts Go%mance ¢os Note 2 Nots 7b No 3a Nole 3b NG) Nol8 3d No 3e 47.188 92.660 28.158 148,373 47.769 1,932 14¢.049 28.1SO SfjSA76 47,769 1.932 255h63 8,746 151A03 25.237 532.590 43.729 932 340.$96 1.135 tS6,594 260M19 255.463 8.746 T11 rvsour¢es frxpended 156.$94 307.697 255.463 327,838 104r 592 1,lQ1,722 2024 2023 Stsff tAISts d4Jring Ihe arwere." Wages and $alanes Employpr5 NatiMal knsurance Con1ul05 Ve$5 EmplosmenlAlowarKel Pet)$ion tonknbub'ons 143,809 a69 4216 134,1 D6 7,230 3,861 156.$94 145.197 Wo9oa ino4ude redundancy>ts &>Cnil {2022-•."£nll rng8 numberofeMploes hr par- 512022_23". 51- NOramed in etrss of£60.00012022-23 nonel. The Trustcon5ider5 its keymanagemenl personnel comprtse the trustee5 and Ihe AÈ$ter. The tolal emplobffieftl benefits ofthe keymanagemenlpersonnel. Indudiw ernplots pension conknbub0n$,We £55,68112022-23'. £5IAIII. 2024 2023 1 100 000 1.100.DOO The 51t0f5. afttrr re¢¥iwn9 pJofessiorial adiice. hae dekrmined thatthe Ho$pilal 15 a herilage as$eLP6 a rtsult ofthe age ofthe Hospital ther8 arè no records olthe orsinal cost the Hospilal buildings aro indud8d ala doskknp •luabon prided byquèlified %¥luÈrs at31 Odober2004. based on e>isfing USeIe5. there aTr no plans alterthe use ofthe Hosptsi buildings. tho do notbelie¥ethalthe LDsts ofcarrying outanyrther r**luabS ofthe Hespilal buildings ¢8n beius¥fied. Page 19 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 7. W4VESYMEKrs al Freetrwjld InwJsfm•nt prop•rtb•s 2024 2023 Plbeglnning oflh6 sear 15.052.095 14,333.863 Mmmenl in ar Sales prucaeds Gain arising on sale5 Surplus arislng on rewluatioTr (799.4001 358.400 1,159.232 Nots 12 Note 12 152.304 lend olthe aT 15204,399 15,052,095 The Hospitafs Land fvgtnts. Fowler Ft>rÈswe. ieb8lued the inslmentpropertses on an A+arkntValue basis t31 OGkbor 2024. Thi¢ produ¢od an unroaliB&d 93iTr on rovaluation off£152.304 12023.. E1.159232lwhich has indud•d in th• finanual 5Ialernents. gain belng credited to tre P8Man&nt En4Yowmen¢Fund. No propertywas sold during the ytar, theiefore trere is no realised gain Tepotied12023." Realised gain of£358.400.} Therefore. the nel gain shown in the StaterneniofFinanLial ktiitties is £152J0412023.. Gain ot£1.517.632.1 bl knwstynent pwttdity Total Perynanenl En¢Jowment Unresthcled.. FormÉ&r Residents Bequest 2024 2023 lTr¥pstrnenl income receid •knnagementlees charged Funds Insted Ilwthdrawnl Undppliod tolal rFtsJm ullocolcd to incrI%e EKe55 unapplied It)ial Tebjrn reknrnEd b capilal 104.920 (28.1581 {150.0001 1136.6381 31.718 2.793 107,713 128.1581 1152.7931 1136,6381 31,718 99.596 125.2371 1296.842 {96.4381 P,793} Realised and unreali$od gainsl(f055e51- Pgrrnanent Edowmtrnt FormerResiden15 Beque$ls Notr8 Note 14 540.721 S40.721 11,766 72.162 557 11.766 Ngtirthasa in Pofifolio 1 362.562 11.766 374328 1,347,482 Openlng %olu8bon 4.554.586 83,601 4.838.187 3290.705 4.917.148 95,367 5.D12,515 4.638.187 Hlstorfcal costoflistsd in%esknents 4,254.708 78.830 4J33.538 4,352.298 Tht in%estynents are held as follows.. IsneI poruolio Cash balano$ held bybrokers 5.012.447 4.638,119 68 5.012.S15 4.638,187 the end oflhÈ r•po"ng pefiod theknllowing hobdir¥J5 riJmpri58d morelhan 5% ofthe lue oflhe porfthjlio. ICS- Slerfing L•quidityFund-laxJmulatitsrb SaTasin Endowtnents Fund Class A- kncome 1.747244 3265 04 1.33D.937 3.307,182 P6 described in rte 10. the pernanentend¢)wmenl in*5knentpoMolio Ixjnlains £101.361 12023-. £5.3081 ofunre5tricted fv&nds Realised galns amountrng to £540.721 were recognised in the Peaent Endowmentfvnd12023.. Gain of £72.162.1 8dditson. gains ofe11.766 were Tecognised in thé Form•r Resthnts. Bequest Fund12023.. Gain of£557.1 Therelore. the b)¢al Pn%esknentThS shown in the StalBfflentof Finanoal klbiioes amounlgd to £552.48712023.. Gain of£72.719.1 Page 20 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 4. MOV&IBU 14 IJWPUKITOTAL rEniiN Vnapplied b)tsl relum is calculaled from a startdats of11 PugUSt201 l. The Ho$pitafs policyis to transler into n5]ricted lthcomelfunds each Jear an arnountappm>imalelyequal to 3% olthe trpening oftre Permanent Endowm8ntinsthQnt portfDlio, which is a¥oilable tsr chaDlabl8 us9$. For 2023-24 this transfer amounted io £136.83B12022-23". £96,438). This Is funded from kne lolal in¥stynent r8m5 Iino)me and gain5,less managemenltharge51 on the Hospital ln$trnents. Th4 M$itots intend b) k•0p Ihp. diiribution rate under and adjuslas nssaryb> tske accounior preilln rates of inslmentr?bJrn. The amountofPermanentEndowmenl inst8d untlertheToial A8M basis comprises.. 2024 2023 20,79D.262 Total fid a55ets 21.316J15 11,100,0001 11.100.0001 115204.3991 115,052,095) (95.3611 183.6011 131,7181 4.88S,431 Eydud&'. Heritage assets.. The Hospilal Insknenl properbes Residents Beque5tFund in4eslments Exess unappli8d b)trJ retyrn albDL2tsd to income Note 6 Note 7a 4,554,586 Permanent Unapplied EndowTnent total rettjm Total 2024 Tolal 2023 beginning of peri¢)d 3.731.681 822.9QS 4,554.S86 3.207.661 72,162 96.438 125.2371 Jnv&sknentrelurns'. Realised ar unrealised gain5 Esbnent incotne receIble In4slrnent managementC05ts 540.721 lQ4.920 128.1581 540.721 104920 128.1581 617.482 1136.8381 480,845 617h82 1136.6311 460,&45 143.363 196.4381 Unapplied blal return allocalpd to in(x>mè Unapplied lotal retum unall0ted al yparnd Pddilional fvnds In$18d Ilwithdrawnl 46.925 {150.0001 I1.000) 330M45 1,300.000 1.346,925 Nel mo4Emenlin reporbng period 150.000 480.845 end ofperiod 3.581.681 1.303.750 4,885A31 4,554.586 A5 de$crfbed in note 10,tre perrnanenlendowrnenliMsknenl ptsrfolio ojntains t101.361 12022-23.. £5,308) OfunreScted fvnd5. For 5impliiitylhe calculation olunapplied to1 telum is based on the enbre porthJI. £1,300,000 wa5 in%tsted intr) pernanenlendowmentdLtring the prlor par. This repsents hi51orir realised gains on 5•1ès as well as amounts wilhdrawn in prior SEars. 2024 2023 %eslmenl income- amounLS duefrom tenants PTepawnents and otherd?btor5 9,956 21A68 5,485 23.7D5 31.422 29,189 The Charityholds Ihree port105 wilh Sara5in P65etKknna9ernenf.The laryerofthe thfee porifolH)s makes up partofthe Cbaiitys Endowtnenl assets. Athough the In%Esknenlportkslio is allotAt8d to the 8ndowmenlhJnd- ilindudes a balance of e101.361 12023.. £5.3081 olunre5thCted bjnds. The illtehjnd balances refi8c15 this unreslrided elementoflhe portfolio. Page 21 Company registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Gontinued) FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 Trade ueditots". ETréowmenl Fund Unre$lricl8d Funds 325 55.172 24,627 2,681 7,813 52,071 40,518 2.553 kcwals and olhercTedik)rs soal securityand otherkn5 82004 102.954 2024 2023 kncome C¥knerInLL Nui¥ 1d 50.000 Eyendibjre charged aga1Th5tEndowmentFunds." Hospilal.. Heabng Projecl E51ate". cosis re future delopmenlslte Estate.. building costs re fvre eloPMentS11es Estate.. professlonal fee5 re fvlure 5trate9y Note 3d Note 3d Note 3d No¢e 3 14.2161 168.2401 1243,0381 125.2021 175218) 1137.6101 142.63¥ Pl¢t ¢Wendire in the Far 1205M$21 1340,6061 Realisad gain lSIng on sale ol In%51menlPvoperfje$ Unreallsed gain aosing op reluatiOn of Inse$knient Piopertigs Funds linsted inllwthdrawn frDm iTr%$bn8nt porwolto Nole 7 Not8 7 Nole 7 358,400 1,159.232 11,300.0001 152,304 Unapplied total unalloealtsd atsear-end Nole 8 330,845 1,346,925 Nètmts¥méts)t In fwK18 durlng th8 ar Fund balances bmught forward af stsrtofjpar 427.686 1223,861 20,692,17S 19,468,314 Fund bafanc• cath•d f(Thard at•nd al•T 21.119,861 20,692,175 2024 2023 Extraor(linary ft•pair4 puna en(tiknre dunng Ihe par nval traTr$fer from income aco)unl Note 3a Not8 14 113,7751 13.775 113.7751 13,775 N•t movèrnent in fvrKls IrI th• >wr Fund balances broughlforward ai stsrtofjear FurKI bolaD¢•$ ¢wrl¢d fm¥ard at•nd Ofar Undarthe ierms 01th8 go¥erning Ctber5. Ihe 51) are rwuired b) transfera mlnimvm of E69) Into an Etraordinary Repalts Fund. to fvnd major lon9-tem modernisabon and Tepalrs. The agrèed tr> PTothle foilhese ffjpairs Using the Arnshouse ksociation 5u99ESted coftknbution rales 01£475 per lal which produces an annual char9e of £13.775. Costs ofremodelling flats during the >earey£eed this figure- an equal coslhas therefore been charged agaln$tlhè Fund. Page 22 Cornpany registration number 06906918 Charity registration number 1130351
HUGH SEXEY'S HOSPITAL
IA charitable company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 OCTOBER 2024
14. iINr@TFICTE¥ FIAIDS
kncome
Fund
JildiThgs
Fund
Fofmtrr
Residen
Beque$t
Total
2024
Tolal
2023
Fund
Surplusl(defidll lorth? 5•ar
Miio¢ared 10 Butltting Fund
132.810
1300.0001
1307.6971
300.OUO
18211
1174709
12322701
Outgoing rn8ourcos befora transkrs
1167.1901
(7.6971
18211
1175,708)
12322701
Transfers
Tolal Asset RebJm adiusknet)t Not8 7
EtrdotdiTharyftepairs
Nole13
136.638
113.7751
1JO.63A
113,775)
96.438
113.7751
Outyoing resoufce$ gftertransfws
144.3271
(7.6971
18211
1$2.845)
11.788
1149.6071
InNp$knenlgain
Nole 7
11.766
557
Nel mo%menlin fijnds during svr
IW3271
ri.6971
10,945
141,079)
1149,0501
Fund balant8$ aislarl ofjpar
70.917
f39.124
91.we
301.950
450,999
Fundbafanc•s atend rAJYar
26.59fl
131.427
102.854
260,871
301.950
Repair5. maInnance and mod&misab"on arise 8irabcaltyo%r Lh8 al5." ilcharged dire¢Oyto the Incorne Fund
the amount o15urplu$ In anyar can rygreaY.The0l.e¢tQfIe eyildings Fund Is b en oulthe charge against
tht ID¢arne Fund bydebitirvJ a regular annual amounlagaiTrstit and crediting the same k) the Buikling$ Fund against
which ewendibjfe on repair5. Maintenan and modetnisation 15 then thargtd.
The MsitQts ¢Oll5iderthalseiOng aSe funds in this wayis a useful finan
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Endowment Funds Restr"ded Unreslrided Funds Funds T¢>tsl Incom• from.. Donabons and lègacios Charitable actiNities In*strnents 4,801 194,487 290,456 4.801 194.487 386.894 96,438 Total Income 96,438 489,745 586.182 &rndItUr• on". Raising Funds 25237 151,403 176640 Charllable aetlvths: Hospit21 operating costs Iklrninistration eosts Ethrnal grants E)repbonal costs )ManCe costs 13.775 518,815 43.729 932 532,590 43,729 932 340,696 7.135 340.696 7.135 340,696 13.775 570.611 925,OB2 Total •xpendlture 365.933 13.775 722.014 1,101,722 N&t Qxpendllure befwe galns (269,4951 113,7751 12322691 1515.5401 Nbt gains on instments.. Instrent Properties In${ment portfolio 1.517.632 72.162 1,517,632 72,719 557 Net kncom• I lèxpnditur•) b•fty• transfers 1.320,299 113.775) 1231.7121 I74.812 Transfers between funds (96,4381 13,775 82,663 Net mty¥pmgnt kn fundJ 1223161 1149,0491 1,074,812 Fund balances broughttorward 19.468.314 450,999 19,919,313 Fd balane•8 earrl•d loard 20.692.175 301,950 20.994.12S Page 24 Company registration number 06906918 Charity regIStratn number 1130351
HUGH SEXEY'S HOSPITAL IA charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 OCTOBER 2024 Endowment nds Re5tsicted Unrestricted Funds Funds Total 2023 xed assets Heritsge assets.. The Hospital 1.100,000 1,100,000 In81ments.. Freehold properlies Inbpstrnenl porNol*) 15,052,095 4.554.586 15,052,095 4.638,187 B3,601 20.706,681 83,601 20,790282 Curren¢ assets Debtors Interfund balances Cash at bank and in hand 29,189 6,693 277.608 29,189 {6,6931 277,60B 16.6931 313,490 306.797 Creditors.. amounts falling due wilhin one ar 17,8131 195.1421 1102.9541 Ng1 ¢wr¢nta$s•ts IllfiabHfth$) 14.505 218.348 203.843 Total assets less Currènt Nabllltlès 20.692.175 301,950 20,994,125 Capital fundg Pernanent Endowment Fund 20,692,175 20,692.175 Incorn• funds Restricted Unrestricled 301.950 301,9S0 301.950 20,994,125 20.692.175 UNRESTRICT• RINDS COMPRISE. Incom8 Fund Buildings Fund Fomer Residents Bequest Gt¥iftg Fund Total Surpluslld8fiutl lor the ar located to 8uilding Fund 101.225 {300,0001 1332.9361 300.000 15591 12322701 (Xjtyoing resources befrjfe transfers (198,1751 {32.9361 1559 12322701 Transfers Pem)anent Endowment EyJraordinaryRepairs 96,438 {13.7751 96.438 113,7751 Outgoing resources 8fi8rtransfers 1116,1121 132,9361 15591 1149,6071 I¢ment losses 5S7 S57 Netdecrease in funds during hear 1116.112) (32.9361 1149,0501 Fund balancas atslartofaY 187,029 1T2.060 91.910 450,999 Fund balanc•s at ènd of s•ar 711.917 139.124 91.908 301,950 Page 25 Company registration number 06906918 Charrty registration number 1130351