Company registration number:
5903364 Charity number: 1141784
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
Docusign Envelope ID.. FC81065C-528446F9-B918-A22F0497DEEF
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 12 |
| Independent auditors' report on the financial statements | 13 - 15 |
| Statement of financial activities | 16 |
| Balance sheet | 17 |
| Statement of cash flows | 18 |
| Notes to the financial statements | 19 - 32 |
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | G A R Ball,Chair |
|---|---|
| H E Bradbury | |
| A R Cooke | |
| J A Hamblin | |
| M A Matthews | |
| P D Willson | |
| D E Marshall(appointed 6 June 2023) | |
| Company registered number 5903364 Charity registered number 1141784 Registered office 184 Coombe Lane West Kingston Upon Thames Surrey KT2 7EG Chief Executive Officer Finance Director Director of Clinical Services Medical Director D Marshall C Twomey (up to May 2022) N Shah (from May 2022) G Welch Mr P Willson Independent auditors Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers HSBC Bank plc 54 Clarence Street Kingston Upon Thames Surrey KT1 1NS Solicitors Stone King LLP Boundary House 91 Charterhouse Street Clerkenwell London EC1M 6HR |
Page 1
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees are pleased to present their report and the audited accounts of the Company for the year ended 31 March 2023.
The Company has chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting Statement of Recommended Practice applicable in the UK and Republic of Ireland, FRS 102 (2019), as amended..
Principal activity and history
The Company, which is a registered charity, owns and operates The New Victoria Hospital, a private independent hospital in Kingston upon Thames, Surrey. The Company is wholly owned by another registered charity, The Victoria Foundation.
ny adopted new Articles of Association in March 2011 when it applied for registration as a charity and as a result it now shares the same objects as The Victoria Foundation, namely:
-health, particularly (without limitation) by providing, or assisting in the provision of, medical and surgical advice and treatment, medical and surgical equipment, and the training and education of medical, nursing, and para-
The New Victoria Hospital, located in Kingston upon Thames, has had a long and distinguished history as a voluntary and charitable institution. The original Victoria Hospital was established as a voluntary hospital in 1898 and, after serving the local population for 50 years, was incorporated into the National Health Service upon its creation in 1948.
As a result of popular demand, The New Victoria Hospital was constituted as a charity in 1951 to establish a new independent hospital with the same charitable aims as the original hospital. Coombe Manor, the original site of which is still occupied by the Hospital, was purchased in 1955 and the Hospital was opened in 1958.
The New Victoria Hospital continues to play a significant role in the local healthcare economy relieving pressure on local NHS facilities. In addition, the Hospital provides agreed free and heavily subsidised hospital services for local groups and explores new avenues in the provision of healthcare for public benefit.
recruitment and retention of excellent staff and consultants, supported by private medical insurers and competitive fixed price sel ~~f p~~ ay packages and significant investment in infrastructure and technology.
To provide outstanding treatment and individual patient care, delivered by the most dedicated professionals, whilst achieving our charitable and commercial objectives and retaining our independence. To be the hospital of choice.
the organisation:
Compassionate - Caring for patients and each other. Exceptional - We believe in nothing less than excellence. Ethical - We act with integrity and are committed to safety. Charitable - We support those in need.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Strategic Report
Achievements and performance
The Hospital has continued to provide excellent patient care, with average patient satisfaction scores of the highest ratings during 2022/23. In total 99.8% of patients rated their overall quality of care, nursing care and consultant care as excellent, very good or good whilst 99.0% would be likely or extremely likely to recommend the Hospital to family and friends.
Overall, the Hospital admitted 5,873 patients in the year, with the proportion of day cases to inpatients being 74%.
During the year the Hospital has enjoyed a growth in patient numbers especially outpatients largely vindicating the decision to expand our facilities. In addition, it has developed its relationship with Kingston Hospital NHS Foundation Trust to our mutual benefit. The impact of a full year of the Hospital operating its gender realignment (female to male) surgical contract
The Hospital has continued to raise its marketing profile during the year with local advertising, website improvements and engagement with consultants and GPs as well as through Hospital communications and events which have been well received.
l
and clinical targets, the Hospital has continued with the development of its Heads of Departments to enable them to meet the evolving working practices required. The Hospital has developed a five-year strategy, embracing its Vision and Values, aligned to six key pillars:
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Growth and Profitability
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Customer Experience
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Resource Utilisation
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Marketing and Brand Awareness
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Governance and Quality
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People and Culture.
The Hospital surveys its staff which provides the opportunity for constructive feedback to ensure that the highest levels of engagement are maintained.
Financial review
The Trustees of The Victoria Foundation, the Parent,are fully committed to safeguarding the character and ethos of the Hospital for the benefit of patients, consultants,
the overdraft facility until December 2023, making the loans short term creditors. However, a further agreement was received in November 2023, granting continued support of the Hospital in the form of forbearance on the loans and the overdraft facility until November 2024.
Repayment of the loans, arrangement fees and accrued interest are due on 30 November 2024.
The Statement of Financial Activities on page 16 provides the detail of financial performance.
The Charity recognised incoming resources of £29.1m in the year (2022 - £25.1m), an increase of 16%.
Total resources expended were £29.6m (2022 - £25.2m).
Interest costs associated with the borrowings for its redevelopment, were £2,092,000 (2022 - £1,295,000) because of the fact that no bank loan interest was transferred to the costs of the building in the year.
Total net expenditure was £505,000 (2022: £93,000).
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
advisors, valuing the Hospital at £40m. The Hospital has been valued at £54m when trading at full capacity.
Reserves and going concern
The movement in reserves in the year is set out in note 16 to the accounts. The total deficit on reserves at 31 March 2023 were (£33,902,000), (2022 - £ (33,397,000)).
The aim of the Trustees is to maintain cash and free reserves at a level sufficient to fund capital expenditure, meet liabilities as and when they fall due, and provide an appropriate level of risk protection in the event of an unforeseen emergency. -term projections prepared to support the refurbishment and redevelopment of the Hospital and presented to the Trustees.
HSBC continued to support the redevelopment of the Hospital which is now complete. In addition, they have provided an overdraft facility, now £1.0m, to support operational cash flow. Forbearance of loan repayments has been granted by the bank until November 2024 without affecting the term.
£10.98m had been drawn down against the HSBC Loan facility 1 of £17.5m by the end of the financial year (2022 - £10.98m) and £23.96m had been drawn down against the HSBC Loan facility 2 of £24.1m by the end of the financial year (2022 - £23.96m). Having reviewed and formally agreed the forecasts prepared in November 2023 and Facility documentation, for the continued funding, the Trustees believe, to the best of their knowledge, that the Hospital remains a going concern for the 12 months from the date of approval of the accounts. The Trustees are committed to the requirements in November 2024.
Clinical Review
The Hosp As such, it operated a robust integrated governance and risk programme which aimed to continually review and evaluate practice to improve the outcomes of care for patients and ensure the health, safety and wellbeing of staff, patients, and visitors.
These processes and outcomes were reviewed both internally and externally and the results used as validation of the services delivered and compliance with regulatory, legislative, and best practice requirements and guidance.
The Hospital introduced two new surgical procedures during the year:
- Breast reconstruction that uses a woman's own tissue to create a new breast following mastectomy (DIEP) Holmium Laser Enucleation of the Prostate (HoLEP)
The Pre-Operative Assessment team introduced an online patient health questionnaire service to improve efficiency and communication. In addition, an initiative to send all admission information to patients via email was introduced. This has reduced paper usage and postal costs, as well as improved the delivery of the information in a timely manner. The year has been an exciting one, successfully rebuilding private practice through the second and third waves of COVID-19.
Care Quality Commission (CQC)
The Hospital is registered with, and regulated by, the CQC and is required to meet the Fundamental Standards of Care 2014 outlined in the Health and Social Care Act 2008 (Regulated Activities) Regulations 2014. The CQC operate a risk-based approach to inspection and collaborate with other regulatory and professional bodies to identify areas of concern.
Several
quality improvement initiatives were implemented during the year.
An external provider (Elsiarc) carried out a review of the Paediatric Service, Medical Governance and how the Hospital undertakes Risk Management. All the reviews were positive wit review have been implemented.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The CQC Relationship Manager continued to provide support to the Director of Clinical Services (DCS) who is the Registered Manager and the Integrated Governance and Risk Director (IGRD) when required.
- Comparative Health Knowledge System (CHKS) Healthcare Accreditation and Quality Unit ISO 9001:2008
Continued accreditation requires annual surveillance visits to assess on-going compliance and a 3 yearly inspection visit of all ISO and CHKS quality standards. The tri-annual inspection took place onsite on 23 February.
The Hospital was successful in its application and was awarded full accreditation. No further recommendations were made from this visit.
UK Health Security Agency (formerly Public Health, England)
The Hospital is required to report incidences of MRSA, MSSA, E. coli, Klebsiella and Pseudomonas bacteraemia and Clostridium Difficile infections monthly.
There were no MRSA, MSSA, E. coli, Pseudomonas bacteraemia and Clostridium Difficile infections reported in this year. The surgical site infection rate was 0.22% (0.46% in prior year).
Controlled Drug Local Intelligence network (CDLIN)
The Director o CDLIN regarding incidents, concerns and adverse events relating to CDs. No concerns were raised for this period.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Radiation Protection Advisor Review
Radiological policies, procedures, quality checks and activities are reviewed annually against Ionising Radiation Medical Exposure Regulation (IRMER).
The Radiation Protection Consultant (RPC) completed their annual external IRMER audit of the Hospital on 28 March 2023.
These included:
Quality Assurance (QA) of Computer Radiography (CR) reader Lead coat screening to be updated.
The required radiology audit schedules were up to date.
Some National Dose Levels for Computer Tomography (CT) have been changed and additionally new ones released, which were incorporated into the 2023 CT dose audit.
National Joint and Cosmetic Breast Registries
Hip, knee, and shoulder implant data was submitted to the NJR, and breast implant data submitted to the Cosmetic Breast Registry throughout the year. The Hospital received a commendation for the quality of data submitted to the NJR.
Pathology Services
The Hospital continued to outsource most pathology services to South West London Pathology (SWLP). A limited amount Pathology (RPP).
Medical Profession (Responsible Officer) Regulations 2010 and Revalidation
She provided support to consultants no longer working in the NHS regarding the requirements set out in the RO regulations, with particular regard to appraisal, 360° colleague and patient feedback, activity, and adverse outcome data.
Dr Girgis introduced the L2P appraisal system to manage the process electronically in January 2023, in line with NHSE guidance to move away from paper-based systems.
NHSE Specialist Commissioning
The female to male surgical pathway for transgender patients continued. The Gender Dysphoria Surgical Service (GDSS) team consolidated with two fulltime (FT) administrator posts and one FT Clinical Nurse Specialist (CNS) dedicated to managing the service. A second CNS was appointed in January 2023 to support the increasing activity. This team was supported by the Business Analysis Unit Manager and DCS.
their surgical journey.
Fortnightly Multidisciplinary Team (MDT) meetings commenced to ensure patients were being robustly reviewed and appropriate decisions made. In addition, a Morbidity and Mortality meeting took place once a month.
Monthly operational and governance meetings were held with NHSE.
Reported Clinical Incidents
The Hospital operates an online reporting system (Datix) which staff are encouraged to use to report all incidents and accidents. Staff receive incident reporting training on induction and attendance for an update is mandatory every three years.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Complaints
The Hospital takes complaints very seriously and adheres to the Independent Sector Complaints Adjudication Service (ISCAS) Code of Practice for Complaints Management, January 2022, and is a subscriber to the Independent Sector Complaints Adjudication Service.
All complaints were managed in accordance with the Complaints Policy which mirrors the ISCAS framework and learning outcomes shared as a part of the process.
Safeguarding Children and Vulnerable Adults
There were three safeguarding incidents raised by staff this year, two of which were formally reported.
Safeguarding training at Levels 1 & 2 continued as e-learning. Level 3 training continued face to face.
Quality Improvement Initiatives
The following initiatives were implemented:
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Embed the recommendations from the Paterson Enquiry:
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Practising Privileges policy updated to reflect the recommendations.
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Standard process implemented to ensure compliance with the Top 4 documents.
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Reduce patient fasting times and actively encourage hydration:
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3 audits were undertaken during the reporting period.
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Introduced an online assessment tool to streamline pre-operative assessments for patients and improve efficiencies
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within the team.
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Implemented a new Wound Care Assessment form in the Outpatients Department.
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Reviewed and updated the Standardised Vasectomy Consent Form.
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Strengthened the provision of Chaperones in all outpatient departments.
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Introduced a Physiotherapy MDT with input from Consultants, Physiotherapists, Radiologists, Ward, and Day Unit
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staff.
Plans for future periods
The Hospital recognises its challenge to meet and exceed the forecasts that have been set and with a strong, stable Executive Management Team will be rising to the challenge to maximise revenue and embrace efficiencies and cost saving strategies that higher activity enables.
The Hospital continues to review its current portfolio of activity and explore new opportunities as well as increasing cardiac diagnostic, orthopaedic, gastroenterology, general surgery, gynaecology and urology services, and so attracting new consultants. The Hospital is keen to maximise its self-pay revenue streams with a competitive, transparent offering for patients which is supported by its finance product to assist patients with the payment of treatment.
The Hospital recognises the NHS requirement of having an Electronic Patient Record by 2024, and is in the process of finalising an agreement to upgrade its Hospital Information Systems, that will ensure it meets the digital transformation required by the NHS, as a provider of NHS & NHSE services.
independent hospital. The Hospital is committed to ensuring that this is maintained with increased capacity and higher activity levels. The patient journey is being reviewed considering the new facilities, reinforcing and challenging current practices to ensure that the Hospital continues to embrace best practice.
The Hospital recognises that excellent staff are its key asset and will continue to ensure that they provide a quality and safe service by providing adequate budgets for training and nursing revalidation support. In addition, partly as an action from staff survey feedback, the Hospital has reviewed its pay and benefits packages to ensure parity across the Hospital to remain competitive in attracting and retaining its staff.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Structure, Governance, and Management
Governing Document
s governing document is its Articles of Association. The Company adopted new Articles of Association in March 2011 when it applied for registration as a charity and shares the same objects as its parent, The Victoria Foundation, which are detailed on page 3.
Organisational structure
Trustees / Directors
The Trustees are also the Directors of the Charity for the purposes of company law and as such are responsible for thly, which some of the Executive Management Team attend. The Trustees review the financial and operational performance of the Hospital as well as clinical and financial governance and quality assurance programmes.
The Trustees of the Company who served during the year are:
G A R Ball H E Bradbury A R Cooke J A Hamblin M A Matthews Mr P Willson
- Four of the Hospital Trustees are also Trustees of The Victoria Foundation.
Rotation, recruitment and appointment and induction of Trustees
The Trustees consider it essential that the Board is strong, well-balanced and effective, comprising members with the requisite professional skills and experience in healthcare or local services to properly represent users of the
potential candidates in other healthcare and local organisations. In order to maintain its exacting standards, the
The Trustees are responsible for ensuring that adequate segregation of duties is maintained across the structure and governance of the Hospital. To this endeavour the Trustees review its key posts and those defining the
An induction programme is provided to all new Trustees. They are advised of their responsibilities as Trustees and Directors, including their legal obligations under charity and company law and the Charity Commission guidance on activities, current financial performance and its plans for the future. All Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The Trustees are responsible for the approval of the annual accounts, ensuring compliance with the Charities Act 2011, the Companies Act 2006 and the Memorandum and Articles of Association and Accounting and Reporting Statement of Recommended Practice applicable in the UK and Republic of Ireland, FRS 102 (2019), as amended. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view.
In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently.
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ensure compliance with the methods and principles in the Memorandum and Articles of Association and
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Accounting and Reporting Statement of Recommended Practice applicable in the UK and Republic of Ireland,
FRS 102 (2019), as amended.
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make judgements and estimates that are reasonable and prudent.
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the
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company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
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there is no relevant audit information of which the Company's auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant
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audit information and to establish that the auditor is aware of that information.
Executive Management Team
The Trustees delegate the day-to-day management of the Hospital to the Chief Executive and the officers of the Company, being the Director of Clinical Services, Finance Director, Operations Director, Business Development Director, Integrated Governance Director, IT Direc Management Team (EMT) which meets twice a month. The EMT is supported by the Heads of Department who meet monthly.
Medical Advisory Committee
The Medical Advisory Committee comprises a chairperson, the Medical Director, consultants who have practising privileges at the Hospital, the Chief Executive, Director of Clinical Services and the Business Development Director. The Committee meets quarterly and is responsible for advising the Trustees on matters related to the management of medical practice and any regulatory obligations required. The purpose of the Committee is to:
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Act as a communication link between the Hospital and Consultants.
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Advise when requested on issues of ethics and standards.
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Advise the Chief Executive on the granting, maintenance and withdrawal of Practice and Admitting Privileges. Advise the Chief Executive regarding proposed new practices and treatments.
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Advise on all aspects of medical policy and clinical practice.
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Review Clinical Governance Reports regarding Key Performance Indicators, patient clinical complaints and
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clinical incidents.
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Review and oversee the Medicines management policy and ensure the safe and accurate use of medicines.
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Audit and Finance Committee.
Audit and Finance Committee
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The Audit and Finance Committee is a joint committee of both The Victoria Foundation and the New Victoria Hospital and comprises Trustees of both companies. The Chief Executive and Finance Director of the New Victoria Hospital are also members. The Committee meets four times a year and its purpose is to:
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Review and challenge where necessary the financial reporting within the Victoria Foundation and the New
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Victoria Hospital.
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Review compliance with the financial covenants.
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Review the budgeting and forecasting process.
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Keep under review the adequac
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systems.
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external auditor.
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Ensure financial and ethical controls are in place when agreeing the annual pay increase for staff including
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that for senior staff members and for bonus payments.
Risk Management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees review annually the major strategic, business, and operational risks to which the Charity is exposed and the systems and procedures that have been established to manage or mitigate those risks. The Hospital holds a centralised, comprehensive risk register, which is regularly reviewed by the Trustees and through the governance structure in the Hospital.
The key risk identified is aligned to meeting the budget for 2023/24 and subsequent three year forecast agreed with HSBC. The Trustees and Executive Management Team are in continual discussion with HSBC regarding financial performance and funding of capital projects. The key risks associated are:
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Meeting the EBITDA and cash flow forecasts agreed in the three-year forecast.
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Further capital expenditure requirements which are not currently foreseen.
The Trustees and Executive Management Team regularly review the required management structures to ensure support for the Executive Management Team in the management of the Hospital. This will ensure that robust processes are in place, aligned to efficient staffing and cost management, to meet profitability against the forecasts and budgets set. The business development team has been enhanced to support the anticipated increases in
The Executive Management Team ensure that regular communications are made with the Trustees of the Hospital and those of The Victoria Foundation in addition to formal meetings to ensure all key decision makers are kept fully up to date on progress.
The Trustees have identified the following commercial and operational risks:
Loss of revenue from Private Medical Insurers (PMIs) is a key risk in ever changing market conditions and a reduced number of PMIs through acquisition and reduced corporate policies together with more aggressive pricing. The Hospital has a self-pay product and services which are aligned to Competition and Markets Authority requirements as well as additional revenue streams which enhance current activity and the opportunity to work more closely with the NHS and NHSE.
Loss of key consultants would have an adverse impact on r its forecasts. The Hospital continues to monitor activity and works closely with its consultants as well as actively seeking new consultants to meet its strategic objectives, keeps abreast of internal and external factors which may potentially affect practices. In addition, the Hospital is focussed on succession planning for those consultants who are mature in their careers.
Increased costs associated with external regulatory compliance has impacted results in the year and will continue to do so with Competition and Markets Authority requirements which include the Private Healthcare Information Network (PHIN) subscriptions and clinical coding to provide transparent and comparable data, helping to inform patient choice of hospital and patient information requirements because of the Montgomery legal case and Duty of Candour requirements.
There is a continuing requirement to increase the use of technology to support patient diagnosis and treatment with higher demands for IT support. Cyber threats and potential data loss is protected through robust
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
security, data backup and disaster recovery plans. The Hospital has robust policies and procedures in place to monitor this and is accredited for its information management systems under ISO27001.
Auditors
Under section 487 (2) of the Companies Act 2006, Menzies LLP will be deemed to have been re-appointed 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is the earliest.
The report of the Trustees, including the strategic report, was approved and signed on behalf of the Trustees on 15 December 2023.
................................................ Graham Ball
Executive Chairman
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
Opinion
We have audited the financial statements of The New Victoria Hospital Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical 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.
Material uncertainty related to going concern
We charitab
not modified in respect of this matter.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including Charities Act 2011, Health and safety regulations, employment law, Care Quality Commission and other medical regulatory bodies. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
Use of our report
This report is made solely to the charitable company's 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 state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Janice Matthews FCA (Senior statutory auditor) for and on behalf of
Menzies LLP
Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-upon-Thames TW18 4BP
Date:
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THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Charitable activities 4 Total income Expenditure on: Charitable activities 5 Interest payable 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £000 29,128 |
Total funds 2023 £000 29,128 |
Total funds 2022 £000 25,064 |
|---|---|---|---|
| 29,128 | 29,128 | 25,064 | |
| 27,541 2,092 |
27,541 2,092 |
23,862 1,295 |
|
| 29,633 | 29,633 | 25,157 | |
| (505) | (505) | (93) | |
| (33,397) (505) |
(33,397) (505) |
(33,304) (93) |
|
| (33,902) | (33,902) | (33,397) |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 32 form part of these financial statements.
Page 16
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares) REGISTERED NUMBER: 5903364
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Tangible assets 11 Current assets Stocks Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Restricted funds 16 Unrestricted funds 16 Total funds |
728 1,894 1,794 |
2023 £000 27,121 27,121 740 2,335 455 3,530 (40,272) (36,715) (9,594) (24,308) (33,902) - (33,902) (33,902) |
2022 £000 27,771 |
|---|---|---|---|
| 27,771 (36,742) |
|||
| 4,416 (41,131) |
|||
| (8,971) (24,426) |
|||
| (33,397) | |||
| - (33,397) |
|||
| (33,397) |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
David Marshall
John Hamblin Director
Director and Chief Executive
Date: 15 December 2023
The notes on pages 19 to 32 form part of these financial statements.
Page 17
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
| Note Cash flows from operating activities Net cash used in operating activities 18 Cash flows from investing activities Purchase of tangible fixed assets 11 Net cash used in investing activities Cash flows from financing activities Cash inflows from new borrowing Repayments of finance leases Interest paid on bank borrowings 6 Interest paid on intra group borrowings 6 Interest paid on finance lease borrowings 6 Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 19 Cash and cash equivalents at the end of the year 19 The notes on pages 19 to 32 form part of these financial statements |
2023 £000 4,026 |
2022 £000 2,687 |
|---|---|---|
| (479) | (820) |
|
| (479) | (820) | |
| - (116) (1,886) (200) (6) |
84 (157) (1,167) (100) (29) |
|
| (2,208) | (1,369) | |
| 1,339 455 |
498 (43) |
|
| 1,794 | 455 | |
Page 18
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The New Victoria Hospital Limited is a private company limited by shares incorporated in England and Wales and a registered charity. The address if the registered office is disclosed on the legal and administrative information page (page 1).
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The New Victoria Hospital Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Critical accounting estimates and areas of judgement
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. In the opinion of the Trustees the main estimates and assumptions that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are in relation to the use of the going concern basis and valuation of fixed assets, both of which are noted below.
2.3 Going concern
During the financial period, the Charity had an excess of expenditure over income of £506k. At the year-end it had net total liabilities of £33,902k including bank borrowings of £34,939k. At the date of approving these financial statements, the Charity had increased its total bank borrowing facilities to £37,600k in order to fund the completion of the hospital redevelopment plan and to cover all working capital requirements.
The Trustees have prepared, reviewed and formally approved detailed trading and cash flow projections covering the period beyond 31st December 2024. The Trustees are committed to the business transformation plan integral to these projections, and to ensuring that adequate funding is in place to meet the Bank's requirement for loan repayment in full in November 2024, if necessary, through refinancing. Based on these projections and the bank facility documentation for the increased funding, the Trustees believe, to the best of their belief and knowledge, that the Charity remains a going concern for at least the period to 31st December 2024 and, accordingly, these financial statements have been prepared on the going concern basis.
Page 19
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.4 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Voluntary income comprises donations, legacies, and income generated from fundraising activities.
Investment income includes rental income, the net income received from dividends, interest and realised and unrealised gains generated from investments, and interest received on loans and deposits.
Income from charitable activities represents the total value of charges made to patients and other customers for the provision of hospital services.
2.5 Fund accounting
Unrestricted funds are available to spend on activities that further any of the objects of the Charity.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the
2.6 Expenditure
Expenditure is recognised on an accruals basis and allocated to the appropriate activity and fund.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Costs of generating voluntary income include the net costs of fund-raising charitable events.
Expenditure on charitable activities comprise the costs of grant-funding activities and the provision of hospital services, and include both direct costs and the support costs incurred to enable those activities and services to be provided.
Support costs comprise the costs associated with the funding of grants and those incurred in the general, financial, and clinical management of the Hospital, which include the costs of its human resources, IT, and quality assurance functions as well as the cost of the general maintenance of its land and buildings.
Governance costs, which are disclosed separately in the Notes to the Accounts, comprise the costs incurred in the governance and general management of the Charity rather than in the provision of its charitable activities. Governance costs include audit fees, the cost of legal and other advice given to Trustees, and an
Costs of generating voluntary income include the net costs of fund-raising charitable events.
2.7 Leases
Assets held under finance leases and hire purchase agreements are recorded in the balance sheet as tangible fixed assets and are depreciated over the shorter of their estimated useful lives and the term of the agreement. Interest is charged to the profit and loss account in proportion to the balance of the obligations outstanding; and the capital element of future payments is included in creditors.
Rentals paid under operating leases are charged directly to income.
Page 20
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.8 Tangible fixed assets and depreciation
Individual assets or groups of similar assets having a value of greater £1,000 and a useful economic life in excess of 1 year are treated as fixed assets. Assets with a value below £1,000 are fully written off in the year of acquisition. Assets are initially measured at purchase cost plus any associated costs in bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended including, for example, any site preparation, initial delivery, installation and testing costs.
Land and buildings includes borrowing costs directly attributable to the construction project at the Hospital. Borrowing costs are capitalised from the point at which expenditure begins on the build project and capitalisation ceases during the extended periods between the major phases in development and will cease completely upon final completion of the building works. Only borrowing costs from loans directly attributable to the project are treated in this way. Borrowing costs to cover general borrowing are not capitalised.
Following initial recognition, freehold land and buildings are carried at valuation. The Trustees of the Company deem that the property held by the Company is a specialised asset; assets of this type are usually only sold as part of the sale of a continuing business. As such, the land and buildings are valued on an income-generating basis. Revaluations are undertaken with sufficient regularity to ensure that the carrying value does not materially differ from the fair value at the end of each reporting period. Typically, this will be at least every 5 years. Gains or losses on revaluation are recorded on the SOFA in the year of revaluation.
Depreciation is charged on fixed assets on a systematic basis over the useful life of the assets. The policies adopted across different asset types are as follows:
- Freehold property 50 years - Building improvements 10-20 years - Equipment 3-10 years
2.9 Stocks
Stock, which comprises medical and other supplies used in the provision of services to patients, is valued at the lower of cost and net realisable value. The value of consignment stock, which is stock held at the Hospital where the supplier retains ownership until it is used and paid for by the Company, is not included in stock on the balance sheet.
2.10 Pay Policy for Senior Staff
who comprise the key management personnel of the Charity, are in charge of directing and controlling, running and operating the Hospital on a day-to-day basis.
All Trustees give of their time freely and no Trustee received remuneration in the year, with the exception of
The pay of the senior staff, including the Chief Executive, is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the Charity, the Trustees benchmark against pay levels in other hospitals of a similar size. Annual pay review salary increases for Hospital staff, for the Executive Management Team (including the Chief Executive), including any bonus payments, are proposed to and agreed by the Audit and Finance Committee.
2.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
Page 21
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.12 Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
3. Principal Activity and Income
The principal activity of the Company is the operation of the New Victoria Hospital, an independent acute hospital in Kingston upon Thames, Surrey. Income is attributable to the principal activity of the Company and arose wholly in the United Kingdom.
4. Income from charitable activities
| Provision of hospital services | Unrestricted funds 2023 £000 29,128 |
Total funds 2023 £000 29,128 |
Total funds 2022 £000 25,064 |
|---|---|---|---|
Total 2022
25,064 25,064
Page 22
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure by activities
| Provision of Hospital Services Total 2022 Analysis of direct costs |
Activities undertaken directly 2023 £000 17,804 |
Support costs 2023 £000 9,737 |
Total funds 2023 £000 27,541 |
Total funds 2022 £000 23,862 |
|---|---|---|---|---|
| 15,077 | 8,785 | 23,862 | ||
| Staff costs Depreciation Medical and other supplies Contracted services Other Analysis of support cost Staff costs Depreciation Legal fees Contracted services Other |
Total funds 2023 £000 7,415 523 4,472 5,388 6 |
Total funds 2022 £000 7,075 164 3,599 4,199 40 |
|---|---|---|
| 17,804 | 15,077 | |
| Total funds 2023 £000 5,214 610 31 1,778 2,104 |
Total funds 2022 £000 4,698 545 - 1,457 2,085 |
|
| 9,737 | 8,785 |
Page 23
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Included within support costs above are governance costs of £1,118k (2022: £986k).
6. Interest payable
| Bank loans and overdrafts Finance leases Loan from parent undertakings Total 2022 |
Unrestricted funds 2023 £000 1,886 6 200 |
Total funds 2023 £000 1,886 6 200 |
Total funds 2022 £000 1,166 29 100 |
|---|---|---|---|
| 2,092 | 2,092 | 1,295 | |
| 1,295 | 1,295 |
7. Auditor's remuneration
| Fees payable to the Company's auditor for the audit of the Company's annual accounts Fees payable to the Company's auditor in respect of: All non-audit services not included above Staff costs Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £000 38 14 |
2022 £000 31 13 |
|---|---|---|
| 2023 £000 11,249 1,118 262 |
2022 £000 10,554 971 249 |
|
| 12,629 | 11,774 |
8. Staff costs
The average number of persons employed by the Company during the year was as follows:
2023 2022
Page 26
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Hospital - Senior Management Hospital Services - Clinical Hospital Services - Support Services Hospital Services - Administrative |
No. 9 129 51 51 |
No. 9 128 46 51 |
|---|---|---|
| 240 | 234 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| In the band £60,001 - £70,000 | 13 | 10 |
| In the band £70,001 - £80,000 | 1 | 4 |
| In the band £80,001 - £90,000 | - | 2 |
| In the band £90,001 - £100,000 | 2 | 2 |
| In the band £100,001 - £110,000 | 1 | 1 |
| In the band £110,001 - £120,000 | 1 | - |
| In the band £120,001 - £130,000 | - | 1 |
| In the band £190,001 - £200,000 | 1 | 1 |
The aggregate of salaries paid to key management personnel was £961,562 (2022: £975,385).
9. Trustees' remuneration
Mr Ball served as Chief Executive of the Charity until 31 December 2018 when he became the Executive Chairman. His engagement was approved by the Charity Commission and is reviewed annually by the Trustees. Remuneration paid to Mr Ball in the year was £71,987 gross salary and £2,160 pension contribution totalling £74,147 (2022 - £72,692).
The other Trustees received no payment for their services during the year and were not reimbursed for any expenses.
10. Taxation
The New Victoria Hospital Limited is exempt from taxation in respect of income and capital gains to the extent that such income and gains are applied to exclusively charitable purposes.
Page 26
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Tangible fixed assets
| Cost or valuation At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Freehold property £000 28,067 **124 ** |
Office equipment £000 3,806 **356 ** |
Total £000 31,873 480 |
|---|---|---|---|
| 28,191 | 4,162 | 32,353 | |
| 1,845 **488 ** |
2,257 **642 ** |
4,102 1,130 |
|
| 2,333 | 2,899 | 5,232 | |
| 25,858 | 1,263 | 27,121 | |
| 26,222 | 1,549 | 27,771 |
The net book value of equipment held under finance leases at 31 March 2023 was £39k (2022 - £137k). Its original cost was £636k (2022 - £748k) and the depreciation charged in the year was £91k (2022 - £106k). During the year, no new finance leases were contracted for.
valuing the Hospital at £40m which has not been recognised in the accounts. The Hospital has been valued at £54m when trading at full capacity.
Page 26
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2023 £000 1,158 178 558 |
2022 £000 1,994 90 251 |
|---|---|---|
| 1,894 | 2,335 |
Page 26
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Amounts owed to group undertakings Other taxation and social security Obligations under finance lease and hire purchase contracts Accruals and deferred income |
2023 £000 34,939 2,186 11 363 33 3,599 |
2022 £000 34,939 1,292 3 274 116 3,648 |
|---|---|---|
| 41,131 | 40,272 |
s acquisition of the Hospital to enable the repayment of its existing borrowings. The outstanding amount of the loan at 31 March 2023 was £10,981,000 (2022 - rate plus 2.7% per annum.
A second loan facility of £17.0 million was obtained in January 2014 in order to fund the planned redevelopment of the Hospital. This facility was increased by £6.5m to £23.5m to support the finalphase of the redevelopment and again to £24.1m in April 2019. At 31 March 2023 £23,958,000 (2022 - £23,958,000) had been drawn against this
In March 2017, HSBC granted forbearance on capital repayments on the initial loan and second loan following completion of phase 3 of the redevelopment. At 31 March 2020, an agreement was in place granting forbearance of both loans and the overdraft facility until December 2020, making the loans short term creditors. However, a further agreement was signed in December 2020, granting continued support of the Hospital in the form of forbearance on the loans and the overdraft facility until December 2021. Interest payments of both loans and overdraft facility were suspended from August 2018 until March 2020, reverting to monthly payment terms from April 2020. The arrangement fees for the increased facility have also been deferred until November 2024. Repayment of the loans, arrangement fees and accrued interest are due in November 2024.
The Charity is currently in breach of its banking covenants as a result of delays in the delivery of the new trading facilities. HSBC remain supportive of the Hospital and the redevelopment project. Testing of the covenants has been deferred until November 2024.
Page 27
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
14. Creditors: Amounts falling due after more than one year
| Other loans Net obligations under finance lease and hire purchase contracts |
2023 £000 24,308 - |
2022 £000 24,393 33 |
|---|---|---|
| 24,308 | 24,426 |
The loan from the parent undertaking of £24,308,000 comprises a loan from The Victoria Foundation on its operational cash flow requirements. The loan is sub-ordinated to the facilities provided by HSBC plc.The Trustees of The Victoria Foundation have agreed that interest charged and paid be limited to £200,000 per annum.
The loan is repayable on 28th January 2026.
15. Share Capital
Authorised 1,000 ordinary share of £1 each was £1,000 (2022:£1,000)
Called-up allotted and fully paid 100 ordinary shares of £1 each was £100 (2022: £100)
Page 28
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 16. Statement of funds Statement of funds - current year Balance at 1 April 2022 £000 Unrestricted funds General Funds (33,397) Statement of funds - prior year Balance at 1 April 2021 £000 Unrestricted funds General Funds (33,304) 17. Analysis of net assets between funds Analysis of net assets between funds - current year Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Balance at 1 April 2022 £000 (33,397) |
Income £000 29,128 |
Expenditure £000 (29,633) |
Balance at 31 March 2023 £000 (33,902) |
|---|---|---|---|---|
| Balance at 1 April 2021 £000 (33,304) |
Income £000 25,064 |
Expenditure £000 (25,157) |
Balance at 31 March 2022 £000 (33,397) |
|
| Unrestricted funds 2023 £000 27,121 4,416 (41,131) (24,308) |
Total funds 2023 £000 27,121 4,416 (41,131) (24,308) |
|||
| (33,902) | (33,902) |
Page 29
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Unrestricted | Unrestricted | Total |
|||
|---|---|---|---|---|---|
| funds | funds |
||||
| 2022 | 2022 |
||||
| £000 | £000 |
||||
| Tangible fixed assets | 27,771 | 27,771 | |||
| Current assets | 3,530 | 3,530 | |||
| Creditors due within one year | (40,272) | (40,272) | |||
| Creditors due in more than one year | (24,426) | (24,426) | |||
| Total | |||||
| (33,397) | (33,397) | ||||
| 18. | Reconciliation of net movement in funds to net cash flow from operating | activities | |||
| 2023 | 2022 | ||||
| £000 | £000 | ||||
| Net expenditure for the year (as per Statement of Financial Activities) | |||||
| (5 | (9 | ||||
| Adjustments for: | |||||
| Depreciation charges | 1,130 | 708 |
|||
| Loan interest paid and accrued | 2,092 | 1,295 |
|||
| Decrease/(increase) in stocks | 12 | (208) |
|||
| Decrease in debtors | 441 | 494 |
|||
| Increase in creditors | 941 | 491 |
|||
| Net cash provided by operating activities | 4,111 | 2,687 | |||
| 19. | Analysis of cash and cash equivalents | ||||
| 2023 | 2022 | ||||
| £000 | £000 | ||||
| Cash in hand | 1,794 | 455 |
Page 30
THE NEW VICTORIA HOSPITAL LIMITED
(A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
17. Analysis of net assets between funds (continued) Total cash and cash equivalents
----- Start of picture text -----
1,794 455
----- End of picture text -----
Page 30
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
20. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases |
At 1 April 2022 £000 455 (34,939) (24,392) (149) |
Cash flows £000 1,339 - 84 116 |
At 31 March 2023 £000 1,794 (34,939) (24,308) (33) |
|---|---|---|---|
| (59,025) | 1,539 | (57,486) |
21. Operating lease commitments
At 31 March 2023 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2023 £000 120 52 |
2022 £000 85 33 |
|---|---|---|
| 172 | 118 |
The following lease payments have been recognised as an expense in the Statement of financial activities:
| Operating lease rentals | 2023 £000 206 |
2022 £000 129 |
|---|---|---|
22. Capital and other financial commitments
The Company has an overdraft facility of £1,000,000 (2022: £2,000,000).
Page 31
THE NEW VICTORIA HOSPITAL LIMITED (A company limited by shares)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
23. Trustees interests in contracts and related party transactions
Four Trustees serve as Trustees for both the Victoria Foundation and the New Victoria Hospital: Mr G A R Ball, Mr J A Hamblin, Mr M A Matthews and Mr A R Cooke.
Mr Ball is a director and shareholder of Control Account Plc, a company which provides specialist debt collection services to hospitals and which provided £7,477 of services to the Hospital during the year (2022 - £9,816). At 31 March 2023, the company owed Control Account Plc £Nil (2022 - £Nil).
Mr Curtis, Dr A Ravalia and Mr Willson, who have all held the position of Medical Director at the Hospital, are also consultants with practising privileges at the Hospital. As consultant surgeons, they act as independent contractors and not as agents of the Hospital and as such do not provide services to the Hospital. They also use the medical facilities, which are made available to all consultants who use the Hospital including the hire of consulting rooms on a sessional basis. The Hospital provides these facilities to them on the same commercial terms as to other consultants.
Mr Willson was appointed Medical Director in July 2020 and is now a member of the Executive Management Team at the Hospital.
24. Controlling party
controlling party is The Victoria Foundation, a company limited by guarantee and a Richmond-upon-Thames, Surrey, TW10 6DG and its registered charity number is 292841 and company number is 01946612. The principle activities of the entity are the funding of charitable healthcare activities through grants and the operation of its wholly owned subsidiary, The New Victoria Hospital Limited.
Page 32