Charity Registration number - 1185067
THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO YEAR ENDED 31 DECEMBER 2023 CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9-15 |
THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
Page 1
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Mr D H S Simmons Mr M J Moore F.C.A Treasurer Mrs V Robertson Membership Secretary Mrs J Young Mrs G Mather Mrs M Hibbs Mrs S Grove Vice Chair Mrs A Reynolds BEM Chair Ms M Ryder Charity Number 1185067 Correspondence Address 15 Preston Park Faversham Kent ME13 8LH
website
www.friends-favershamcottagehospital.org Nigel Kay F.C.C.A. C.T.A. A.C.I.B Director Faversham Accounting Charity and Taxation Services Ltd Chartered, Certified Accountants 6 Brogdale Place Faversham Kent ME13 0AF
Bankers
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ Metro Bank One Southampton Row London, WC1B 5HA
THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
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TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees of the Charity present their annual report and Financial Statements of the Charity for the year ended 31 December 2023.
Governing Document, Objectives, Activities for the Public Benefit
The Charity was created by the registration on the 28th August 2019 of a Charitable Incorporated Organisation (CIO) as the Friends of Faversham Cottage Hospital and Community Medical Centres (''The Friends'') The Objects being for the public benefit, the relief of sickness and the preservation and protection of good health among the patients of the Faversham Cottage Hospital and the Community Medical Centres. On the 1st January 2020 it took over the net assets and activities of The Friends of Faversham Cottage Hospital and Community Health Centres registered charity number 265642.
Organisation Structure
The Charity is managed by a Board of Trustees (''the Trustees'') which meet at least four times a year. The Trustees of the charity are listed on the legal and administrative page.
The Trustees are constantly looking for new people to join the Board who are willing volunteers and are happy to devote their time and skills to the Friends.
Achievements and Performance
The Trustees have met regularly during the year under the chairmanship of Alison Reynolds and have been very busy in discussion with a new volunteer, Jill Hunt, on ways to improve our marketing. We have had improvements to our website and the development of a new leaflet as a marketing tool, is in progress.
Our fundraising activities have been limited during the year but we have had our successful winter raffle and a collection at Macknade. A full list of fundraising events is shown in note 3. We have responded to a variety of requests for financial help towards improvements at the two medical centres, We were sorry to hear of the departure of the Matron at the Cottage Hospital Annette Martin but look forward to welcoming a new Matron in 2024.
Trustees attended the official opening of the Ophthalmic clinic at Faversham Medical Centre and were able to see the new consulting rooms which we have helped to equip. The Trustees also received a demonstration of the new triage equipment which we have agreed to assist in funding over a period of 3 years. We have also agreed to fund new bariatric equipment at Newton Place GP practice. We have agreed in principle to assist Newton Place with the installation of a lift in the building to assist patients but the practice is still exploring the feasibility of this.
Details about the expenditure made so far can be found in note 10.
The Trustees attended the retirement party for the Chaplain, Ros Parrett at the Community (Cottage) Hospital. Ros has been Chaplain for many years and will be missed. We have tried to find a replacement without success.
Trustees are in discussion with Faversham Medical Practice and NHS Property Services about providing a Defibrillator and Blood Control Box on an exterior wall at the surgery, to form a out of hours medical hub.
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Page 3
AND COMMUNITY MEDICAL CENTRES CIO
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
Publicity and Membership
We continue to raise awareness about The Friends wherever we can and are happy to receive any new ideas or support in this. We joined the Faversham Medical Practice in organising the publicity for the official launch of the new eye clinic but we, and the Medical Practice were disappointed, not to get any articles in the local press.
Total membership as declined to 111 in the year. This reduction in membership is a key risk for the charity and this is reflected in our Risk Register. The Trustees are most grateful to our Membership Secretary Mrs Sally Robertson for all she does in keeping membership records updated.
The annual subscriptions remained at £5 during the year.
Fund Raising Activities
Thanks to the efforts of Trustees, particularly our Vice Chair, a number of successful fund-raising events took place, including craft stalls and a winter raffle. We continue to look for fundraising ideas especially in the summertime and Christmas period. Details of amounts raised can be found on page 7 and on note 3.
Equipment, Amenities and Capital Purchases for the Hospital and Health Centres
The total amount spent or committed in 2023 on capital items was £33,192 Full details of expenditure is shown in Note 10. The most expensive item was a substantial contribution to Triage equipment at the Faversham Medical Practice. The Friends continue to welcome bids from the Community (Cottage) Hospital and both Health Centres.
Financial Review
Income for the year was £112,654 (2022 £38,555) whilst total expenditure came to £39,295 (2022 £71,274) which resulted in a surplus for the year of £73,359(2022 deficit £132,719). In addition the Charity had a realised and unrealised capital gain of £8,102 (2022 Loss £47,704) on its investments. Full details of the income and expenditure can be found on page 7
Reserves Policy
With the creation of the CIO, the Trustees took the opportunity of reviewing their reserves. The population of the town is expanding and the trustees believe there will be increasing demands on our reserves in future years to reflect this expansion. As reserves have increased significantly during the last few years, it was decided during 2020 to move £250,000 to a designated fund for future generations called the Joan and Martin Burns Fund. During 2021, the Friend's received the cash from another significant legacy and decided, as interest rates continued to be historically low, to invest a further sum with our investment managers as part of our general reserves. The trustees do however continue to look for projects that are needed now for the benefit of the people of the town. The Friends are only able to donate equipment and services that are requested by the Faversham Cottage Hospital and Community Health Centres and accordingly will maintain reserves to enable all suitable requests to be met. The Friends have one restricted fund, see note 11, and all restricted income is allocated to suitable expenditure as soon as it occurs. The Friends funds are held in interest bearing bank accounts and a discretionary portfolio maintained by investment manager Evelyn and Partners.
Since being re-formed in 1973 the Friends have provided equipment and services to the hospital and health centres for the benefit of Faversham residents to the value of over £1,270,000.
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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
Risk Policy
The Trustees have considered what risks the Friends are subject to and consider that all major financial risks are insured by virtue of our membership of Attend, the Umbrella Organisation for Hospital Friends, insurance cover. Other risks facing the Friends (including governance, membership and trustee resources) are identified in our risk log which is reviewed at least annually. The decline in membership remains a key risk area as does the increasing move away from cash transactions affecting our collection activities. If we are to be able to carry on our work we must raise our profile, especially highlighting the support we provide to the extremely busy and well regarded Urgent Treatment Centre.
Public Benefit
The Trustees are aware of and comply with the Charity Commission Guidance on public benefit.
Plans for the Future
We continue to support both medical centres with their plans for growth during 2024, resulting in enhanced and additional services being available in the town and we confidently expect to receive further requests for financial assistance from them during the years ahead. Similarly, we expect regular requests for assistance from our hospital, both to support the vital rehabilitation and recuperation work they do to keep people out of acute hospital, and to help them to provide a good quality of life for the increasing number of their patients with dementia.
We must continue with our fund raising activities, which also helps us to ensure that the successful work of the charity is highlighted throughout the town. We recognise that the charity has thus far benefited from some significant legacies in addition to our more general fundraising. It is vital that we increasingly use social media, in addition to more traditional avenues, to raise our profile so that we continue to attract new funding for the benefit of all the health services in the town including the busy Urgent Treatment Centre.
Our key responsibility then is to ensure that funds raised are spent in a timely and efficient way and always within the terms of our charitable objectives.
Growing and strengthening our Board of Trustees is key to delivering on these duties and this will again be a key priority during 2024.
THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees' responsibilities in financial statements
The Charity Trustees are responsible for preparing a Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
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 statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the Governing Document. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Friend's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
We thank all those who have given their time and support over the year in helping us to achieve the aims of the Friends.
Signed on behalf of the Trustees on 9th May 2024
……………………………………… Mrs A Reynolds BEM Chair
THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF THE FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES
I report to the Trustees on my examination of the financial statements of the Friends of the Faversham Cottage Hospital and Community Medical Centres CIO (the CIO) for the year ended 31st December 2023
Responsibilities and basis of report
The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under charity law and is eligible for independent examination, it is my responsibility to:
-
a) examine the accounts under section 145 of the 2011 Act; b) follow the procedures laid down in the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
c) state whether particular matters have come to my attention.
Basis of independent examiner's statements
My examination was carried out in accordance with applicable Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
1 which gives me reasonable cause to believe that, in any material respect, the requirements: a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Charities Act and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities.
have not been met; or
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Nigel Kay F.C.C.A. C.T.A. A.C.I.B Date 10th May 2024 Director
Faversham Accounting Charity and Taxation Services Ltd Chartered, Certified Accountants.
6 Brogdale Place
Faversham, Ken, ME13 0AF
THE FRIENDS OF FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
Page 7
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes Unrestricted Designated Restricted Funds Funds Funds £ £ Income: Voluntary income: Legacies 96,000 - - Donations in memoriam 622 - - Sundry donations 1,486 - Subscriptions 485 - - Gift Aid tax claim 583 - - Activities for generating funds: Fundraising events 3 2,515 - - Collecting boxes 1,542 - - Sale of goods 66 - - Compensation Barclays 150 - - Investment income: Interest receivable 2 1,415 - - Dividend income 2 2,351 5,439 - Total incoming resources 107,215 5,439 - Expenditure Costs of raising funds: Fundraising activities 3 463 - - Cost of goods 39 - - Expenditure on charitable activities Equipment & resources donated 10 33,192 Newspapers 1,704 - - Christmas presents 200 - - Support costs 4 1,966 1,731 - Total expenditure 37,564 1,731 - Net Income (Expenditure) 69,651 3,708 - Realised and unrealised gains on investment assets 6 2,431 5,671 - Net Income for year 72,082 9,379 - Transfer between funds - - - Net movement in funds 72,082 9,379 - Balances brought forward 12 231,718 260,412 215 Total funds carried forward 303,800 269,791 215 |
2023 Total Funds £ 96,000 622 1,486 485 583 2,515 1,542 66 150 1,415 7,790 112,654 463 39 33,192 1,704 200 3,697 39,295 73,359 8,102 81,461 - 81,461 492,345 573,806 |
2022 Total £ 22,797 1,222 3,168 580 736 2,942 912 100 - 462 5,636 |
|---|---|---|
| 38,555 | ||
| 537 69 164,177 1,318 200 4,973 |
||
| 171,274 | ||
| (132,719) (47,704) |
||
| (180,423) - |
||
| (180,423) 672,768 |
||
| 492,345 |
THE FRIENDS OF FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
Page 8
BALANCE SHEET AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets Raffle drum Communion cup and font Friends trolley Investments Investment portfolio 6 Faversham Oyster Fishery Ltd 6 Interest bearing accounts 6 Total Fixed Assets Current assets Stock of goods for resale Debtors 7 Current accounts Bank deposit account Cash in Hand Total Current Assets Liabilities Creditors falling due within one year 9 Provision for amounts pledged 9 Net current assets Net Assets The funds of the charity Unrestricted funds 11 Designated funds 12 Restricted funds 12 Total Charity Funds The notes at pages 9 to 12 form part of these accounts Signed on behalf of the Trustees on 9th May 2024 by |
5 1 1 382,457 50 114,310 439 94,680 6,444 - 318 101,881 1,175 23,724 24,899 |
2023 £ 7 496,817 496,824 76,982 573,806 303,800 269,791 215 573,806 - |
5 1 1 369,063 50 178,405 478 1,400 27,977 31,101 115 61,071 1,076 115,175 116,251 |
2022 £ 7 547,518 |
|---|---|---|---|---|
| 547,525 (55,180) |
||||
| 492,345 | ||||
| 231,718 260,412 215 |
||||
| 492,345 | ||||
………………………………. …………………………………. Mrs A Reynolds, BEM - Chair M J Moore, FCA - Treasurer
Charity Registration number 1185067
THE FRIENDS OF FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES CIO
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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1 Accounting policies
The Principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial are as follows:
a) Basis of preparation
The accounts have been prepared in accordance with 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 United Kingdom and Ireland (FRS 102) the Charities Act 2011 and Generally Accepted Practice as it applies from 1st January 2019. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)
The financial statements are prepared on a going concern basis. There are no material uncertainties related to events or conditions which would cast doubt on the Charity's ability to continue as a going concern
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
b) Incoming resources
Income recognition policies
Items of income are recognised and included in the accounts when all the following criteria are met:
-
the charity has entitlement to the funds;
-
any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity;
-
there is sufficient certainty that receipt of the income is considered probable; and
-
the amount can be measured reliably
Incoming resources with related expenditure
When incoming resources have related expenditure the incoming resources and related expenditure are reported in the SOFA.
Donations
Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Legacy Income
Legacy income is recognised at the earlier of the charity being notified when estate accounts are settled and there is notification of a distribution, or when the legacy is received. On occasion legacies will be notified to the Charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Tax reclaims on donations and gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Volunteer help
The value of voluntary help received is not included in the accounts but is described in the Trustees' Annual Report.
Investment income
This is included in the accounts when receivable.
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Page 10
NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
c) Resources expended
All resources expended are recognised once there is a legal or constructive obligation to make a payment to a third party. Resources expended include attributable VAT which cannot be recovered.
Expenditure is recognised as soon as they is a legal or constructive obligation committing the Charity to pay out resources, this is considered to be when the "bid" requesting the funding for a purchase of equipment or a service has been formally approved by the charity.
Support costs are those costs which have not been directly allocated to an activity of the charity but nevertheless support those activities. These costs have been allocated between Charitable activities and Governance costs. The basis on which support costs have been allocated are set out in note 4
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.
e) Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Assets are now written down to a residual value of £7 but may have a greater market value.
f) Investments
Investments consist of an unlisted investment, long term bank balances, and an investment portfolio managed by Evelyn Partners valued at market value as at 31st December 2023
g) Stock
This is valued at the lower of cost or market value.
h) Fund accounting
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Designated funds are unrestricted funds earmarked by the Trustees for a particular purpose.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criteria is charged to the fund.
i) Currency
The presentation currency of the financial statements is the Pound Sterling (£).
| 2 Investment income Interest receivable Dividends |
Unrestricted £ 1,415 2,351 3,766 |
Designated Funds £ - 5,439 5,439 |
Restricted Funds £ - - - |
Total 2023 £ 1,415 7,790 9,205 |
Total 2022 £ 462 5,636 |
|---|---|---|---|---|---|
| 6,098 |
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Page 11
NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
| 3 Fundraising Activities Elephant Public House - raffles Craft Fayres Coffee Morning Faversham Brass Winter Raffle 2023 Collection Macknade Faversham Town Lottery 4 Support costs Unrestricted Funds Charitable Activities National Association subscription 687 Postage 40 Stationery 7 Sundry 131 Website (costs) 234 Advertising and leaflets 65 Bank charges 60 Investment management fee 742 1,966 |
Income £ 470 145 - - 1,395 169 336 2,515 Designated Funds £ - - - - - - - 1,731 1,731 |
Expenditure £ 45 - - - 418 - - 463 Restricted Funds £ - - - - - - - - |
Total 2023 £ 425 145 - - 977 169 336 1,627 Total 2023 £ 687 40 7 131 234 65 60 2,473 3,697 |
Total 2022 - 159 80 504 1,231 - 431 |
|---|---|---|---|---|
| 2,405 | ||||
| Total 2022 £ 725 8 61 110 263 412 - 3,394 |
||||
| 4,973 |
5 Trustee's Remuneration and Benefits
There was no Trustees, Remuneration for the year (2022 £Nil). Three (2022 three) Trustees were reimbursed out of pocket expenses totalling £182 (2022 £301) during the year. The expenses comprise postage, stationary, fundraising event costs, patient packs and sundry expenses.
6 Fixed asset investments
| 6 Fixed asset investments a) Investment portfolio under discretionary fund management. Market value at 1st January 2022 Acquisitions at cost Disposal proceeds Change in value in the year: Realised gain(loss) Unrealised gain (loss) Market value at 31st December 2023 Historical cost at 31st December 2023 Investments are represented by: Equities,Multi- Asset and Alternative Investment Funds In addition there is cash held pending re- investment Total value of Portfolio Fixed Interest Bonds |
2023 £ 362,504 25,055 (23,357) (2,688) 10,789) 372,303 364,643 64,599 307,704 372,303 10,154 382,457 |
2022 £ 404,079 114,148 (108,019) (3,673) (44,031) |
|---|---|---|
| 362,504 | ||
| 366,436 | ||
| 66,789 295,715 |
||
| 362,504 6,559 |
||
| 369,063 |
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NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
Fixed asset investments (continued )
b) Directly held investments
The Charity also owns 50 Ordinary Shares in Faversham Oyster Fishery
| c) Funds placed on long term interest bearing accounts Scottish Widows Bank Metro Bank Charities Aid Foundation Bank 7 Debtors and prepayments Payments in advance and accrued Income Legacies Gift Aid refund 9 Creditors: falling due within one year Subscriptions in advance for 2023 Website costs and newspapers Investment Management fee Provision for amount pledged |
50 40,680 56,463 17,167 114,310 2022 £ 53 94,000 627 94,680 2022 £ 5 350 820 1,175 23,724 24,899 |
50 |
|---|---|---|
| 90,189 53,035 35,181 |
||
| 178,405 | ||
| 2023 £ 69 - 1,331 |
||
| 1,400 | ||
| 2023 £ 15 236 825 |
||
| 1,076 115,175 |
||
116,251 |
10 Equipment donation and provision for amounts pledged
| Equipment donations in year ECG machines Newton Place ECG machines Faversham Medical Practice Television Mounts EVAC equipment Triage Bariatric Equipment 2 Hydraulic Couches |
Unrestricted Funds £ 3,006 1,836 51 330 25,000 903 2,066 33,192 |
Designated Funds - - - - - - - - |
Restricted Funds £ - - - - - - - - |
Total £ 3,006 1,836 51 330 25,000 903 2,066 |
|---|---|---|---|---|
| 33,192 |
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NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
11 Analysis of net assets between funds
| Fixed assets Investments Current asset Current liabilities 12 Restricted and Designated Funds Balance at Incoming 01/01/2022 resources £ Restricted Patients Clothing 215 - 215 - Designated Joan and Martin Burns Fund 259,662 5,439 Hospital Chaplaincy 750 - 260,412 5,439 Unrestricted funds 231,718 107,215 Total Funds 492,345 112,654 |
Unrestricted Designated funds funds £ £ 7 227,776 269,041 100,916 750 (24,899) - 303,800 269,791 Expenses Investment Gains(Losses £ £ - - - - (1,731) 5,671 - - (1,731) 5,671 (37,564) 2,431 (39,295) 8,102 |
Restricted Total funds funds £ £ 7 - 496,817 215 101,881 - (24,899) 215 573,806 Transfers Balance at 31/12/23 £ £ - 215 - 215 - 269,041 - 750 - 269,791 - 303,800 - 573,806 |
Total funds £ 7 496,817 101,881 (24,899) |
|---|---|---|---|
| 573,806 | |||
| 215 | |||
| 269,041 750 |
|||
| 269,791 | |||
| 303,800 | |||
| 573,806 |
Restricted Funds
Patients Clothing This represents monies donated for patient's clothing.
Designated Funds
Joan and Martin Burns Fund
This Designated Fund was created by the Trustees and represents the amounts received from the Estate of the late Joan Burns. The Trustees intend to accumulate net income and investment returns
The Trustees intention is that the fund be used for future capital projects and that the fund will not be depleted by restricting annual expenditure from the fund to £100,000. In the past three years the Trustees have approved grants on three major capital expenditure projects from general reserves without the need to withdrew funds from this reserve. The Trustees will though continue to carefully monitor the situation .
Page 14
THE FRIENDS OF FAVERSHAM COTTAGE HOSPITAL AND COMMUNITY MEDICAL CENTRES
NOTES TO THE ACCOUNTS (Continued)
Restricted and Designated Funds
Designated Funds (continued)
Hospital Chaplaincy This Designated Fund created in memory of the late Dennis Brown to provide for the cost of training for the Chaplains at the Faversham Cottage
13 Post Balance Sheet events
The Trustees are of the opinion there is no post balance sheet events to report on inrespect of both the year ended the 31st December 2023 and 2022.
14 Charity Status
Friends of the Faversham Cottage Hospital and Community Medical Centres is a Charitable Incorporated Organisation registered in England and Wales. The charity's registered number, principal address and nature of operations can be found in the Legal and Administrative information and Trustees Report.
15 Taxation
The Charity is exempt from tax on its charitable activities.
16 Related Party Transations
No Related party transactions have been identified (2022 Nil)
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NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
17 Comparative Statements of Financial Activities year ended 31st December 2022
| Notes Unrestricted Funds Income: Voluntary income: Legacies 22,797 Donations in memoriam 1,222 Sundry donations 2,668 Subscriptions 580 Gift Aid tax claim 736 Activities for generating funds: Fundraising events 2,942 Collecting boxes 912 Sale of goods 100 Investment income: Interest receivable 462 Dividend income 1,684 Total incoming resources 34,103 Expenditure Costs of raising funds: Fundraising activities 537 Cost of goods 69 Expenditure on charitable activities Equipment & resources donated 162,927 Newspapers 1,318 Christmas presents 200 Support costs 2,597 Total expenditure 167,648 Net Income (Expenditure) (133,545) Realised and unrealised gains on investment assets (14,311) Net Income for year (147,856) Transfer between funds 74,992) Net movement in funds (72,864) Balances brought forward 304,582 Total funds carried forward 231,718 |
Designated Funds £ - - - - - - - - - 3,952 3,952 - - 500 - - 2,376 2,876 1,076 (33,393) (32,317) (74,992) (107,309) 367,721 260,412 |
Restricted Funds £ - - 500 - - - - - - - 500 - - 750 - - - 750 (250) (250) - (250) 465 215 |
2022 Total Funds £ 22,797 1,222 3,168 580 736 2,942 912 100 462 5,636 38,555 537 69 164,177 1,318 200 4,973 171,274 (132,719) (47,704) (180,423) - (180,423) 672,768 492,345 |
2021 Total Total £ - 2,522 3,203 660 951 2,046 1,505 146 125 3,865 |
|---|---|---|---|---|
| 15,023 | ||||
| 460 145 44,799 - 200 4,206 |
||||
| 49,810 | ||||
| (34,787) 32,540 |
||||
| (2,247) - |
||||
| (2,247) 675,015 |
||||
| 672,768 |