THE HosPAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Register¢d Charity number 1186592
THE HOSPIT AL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HosprrAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Legal and Administrative Infomiation Report of th¢ Trustees Independent Examin¢r's Report Siatement of Financial Activities Balance Sheet Notes fomiing part of the Financial Siaternenls 9-17 Value for Money Statement The following page does not form part of the statutory accounts Deiailed Income and Expenditure Account 18
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page I FOR THE YEAR ENDED 31 DECEMBER 2024 LEGAL AND ADMINISTIi4TIVE INFORMATION RKGISTERED CHARITY No." 1186592 REGISTERED ALMSHOUSE No: 143 REGISTERED PROVIDER OF SOCIAL HOUSKNG No". 5131 TRUSTEES The Trustees in office during the year were= Trustees Mrs S Oviatt Ham {Chair) Mr C Kirton (Treasurer) Mr D Clarke (resigned 30 November 2024) Mrs S Godfrey (Joint Vice Chair) Mrs L Green (Joint Vice Chair) Mr A Jacques (appointed 26 Nov¢mb¢r 2024} MT S Loveless Clerk to Trustees.. Mr Benjamin Janes (until 20 February 2024) Julia Linfoot (from 20 February 2024) Assistant Clerk.. Ms Jill Lawrence (until 20 February 2024) Ms Claire Myers (resigned l October 2024) Scheme Manager.. Mrs Andie Oglethorpe (Irom 9 December 2024) Principal office.. Stoke Hospital Office 92 Stoke Road Guildford Surrey GUI 4JH Adminis¢rators'. Th¢ Trst Partnership 6 TTUII Fm Buildings Teibury Gloucestershire GL8 8SQ Banker5". CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Exatniner.. Mr R M Dunnett 20 Strathavon Close Cranleigh Surrey GU6 8PW Investhient Provider: M&G Investments P O Box 9038 Chelmsford CM99 2XG
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Pxge 2 REPORT OF THE TRUSTEES OF THE CHARITABLE INCORP0114TED ORGANISATION FOR THE YEAR ENDED 31 DECEMBER 2024 The Trusiees pr¢s¢nt their report and the financial statements of Stoke Hospital for the year ended 31 De¢ember 2024. Constitution The Hospita] of William Parson (known locally as Stoke H05Pltal) 15 a Charitable Incorporated Organisation (CIO) registered with the Charity Commission. On l October 2020 it took over the operation and assets of the unincorporated charitable trust also known as the Hospital of William Par90n. This trust had been established by a will dated l October 1783. The Charity is registered with the National Almshouse Association and is a Registered Provider of Social Housing. Objeetives and activities for the public benefit The principal object of the Charity is to provide affordable accommodation for fourteen persons over the age of 50 years with a ¢onn¢ction to Surr¢y. Th¢ Trustees are pleased to say that during the year this objective was achieved. All flats were occupied over almost all the year by beneficiaries who meet ihe criteria. One flat was void at the start olthe year. It was refurbished and a new ben¢fi¢iary appoini¢d, who moved in in February. The Tn)stee5 have ¢onsid¢r¢d the Charity Commission's guidance on public benefit, and ate satisfied that the work of the Charity during the year provided appropriate public benefit in acGordance with its stated objectives. The criteria led to assess those who may benefit are not unreasonably restrictive. Trn$tee$ Prineipal o£rteers The Charity is administered by a body of between five and ten Trustees. Trustees are appointed for a term of four years. Tru*e¢s ¢&n resign or b¢ removed before the end of their tem of office and ihey can be reappointed at the expiry of that ternj. The names of the Trustees who have held office during the year are shown on page l. In recruiting individuals for appointrnent as Trustees, the TTU5t¢es have regaTd to the skills, knowledge and experience needed for the effective administration of the Charity. The Trustees may invite Worplesdon Parish Council and the PCC of St John the Evangelist, Stoke-next-Guildford to Tecommend candidate5 for appointment a5 Trustees if a vacancy occurs, although the Trustees are not obliged to accept the recommendation. Trustees hav¢ appointed The Trust Partnership (TTP) to provide full management s¢rvi¢es for administration and Clerking, property maint¢nan¢e and management, resident welfare and finan¢e. However, a new requirement in the Social Housing Act 2023 is that managers {orher than unpaid volunteers) of registered rented properties, including almshouses, will have to have up-to-dale qualifications in housing. ThP therefore plans to retain direct responsibility for administration. clerking and financial management, while identifying a separate provider and arranging a separate contract for property rnaintenance and resident welfare. Accounting Principles The Charity is a Regislered Social Housing ProvideT, but as a Registered Charity and Almshouse is eligible lo prepare its accounts in accordance with the Stalemenl of Recommended Practice (SORPI for Charities. The accounting policies are set out on pages 9 and 10.
THE HOSPIT AL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 3 REPORT OF THE TRUSTEES {eontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 InvestJneDt Policy The Charity may invest monies not needed for immediate working purposes. The Trustees detemiine from time to time wheiher this should be in bank deposils OT longer-terni investments and whether they should seek outside advice. The Charity's policy is ro a¢hieve the highest rale of return with the least risk to capita] value, which the Trustees b¢li¢ve they hav¢ achieved during th¢ year priTnarily by investing in M&G Charity Multi-asset Fund which is designed to meet these objectives. Investments are included in the accounts at mark¢t value. Financial Review The charity achieved a surplus for the year (before revaluations) of £18,409 compared wlih a SUTplus in the previous year of £25,286. This was after incurring repair and maintenance costs of £34,349. The value of investments increased by £4,195 (increase of £2,224 in the prior year), resulting in aJ) overall surplus for Ihe year of £22,604 (£27,510 in the prior year). Net assets al 31 December 2024 lotalled £266,243 ¢ornpar with n¢t assets at 31 December 2023 of £243,639. Endowment Fund$ The origiiial buildings of Sioke Hospital and subs¢quent additions fomi the permanenl endowment of the Charity (which was transferred frotn the original charitable trust on l October 2020). Title to the property is in the name of the CIO Charity, to be held on its original trust. Reserves Policy In addition to Endowment Funds and Restricted Funds th¢ Charity holds unrestricted reserves aga1tt possible future specific and general expenditure. Designated reserves have been established in accordance with The Almshouse Associalion guidance to fund cyclical maintenance and future extraordinary repairs. Th¢ remaining general reserve is held against unforeseen future events and lo build up funds for future improvements to Stoke Hospital. The Trustees have agreed at present to hold £IOO,000 in free reserves and additionally an amount i gen¢ral reserves representing at least six months, expenditure. Restricted funds ¢an legally be spent only for th¢ purpose for which they were given. There were no unspent restricled fund5 at the year end. Risk RevS¢w The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. The Risk Register is reviewed at every Trustee meeting. The Trustees are satisfied thai they ¢omply with the Governance and Financial Viability Standard issued by the Regulator of Social Housing.
THE HOSPITAL OF WILLIAM PARsof4 KJYOWN LOCALLY AS STOKE HOSPITAL Page 4 REPORT OF THE TRUSTEES {contiDued) FOR THE YEAR ENDED 31 DECEMBER 2024 2024- R¢view of tbe Year'5 Activities The Trusle¢s were pleased that during 2024, life Stoke Hospital sustained its return to normal after the restrictions necessary during the Covid-19 pandemic. All meeting5 were held iii person and social events for the Tesidentg continu. These included some film viewing on the large television screen and coffee mornings. Some Tesid¢nts from the Caleb Lovejoy almshouse took part in crafi sessions and coffee momings. A late summ¢r social gathering was held for the residents in early September, and later that month we took part in the Heritage Weekend, opening our gardens lo visitors. In Dec¢mb¢r, we welcomed guests and support¢rs to the Mayor's Coffee Morning. St John's Church led a Carol servi¢e for the residenis, and ih¢ residents organised their own Christmas social gathering. During 2024 one Trustee. Mr David Clarke, retired at the end of his four-year term. He was thanked for his valuable contribution to the Charity and presented with a gift to recognise his service. A new Trustee, Nfr Anthony Jacques, was appointed in November 2024. He a150 serves on the management board of Addison Court. this helps lo cement our positsve relationship with them and with other local almshous¢s. Refurbislunent was cotnpleted for an upstairs flat that had been vacated when the resident moved to a downstair5 one. The vacancy was advertised, the Trustees interviewed applicants for it and a new resident was appointed and moved in on 16 February 2024. EPC certificates are now required in lisied buildings such as ours, and both these flats were inspeded. One was given a C rating, and the other a D. Two other flais had major upgrades, with a new kitchen in one and a new bathroom in the other. Cookers and cooker hoods are now being installed when flats c)r kitcliens are re-furbished. New flooring wa5 installed in thc entrance lobby to the central block, and the entrance and stairway to another block was re-decorated. Routine repairs and maintenance were carried out in a number of other flats. All required safety inspeciions and tests have been eompleted, and any recommended actions ¢arried out. The Clerk and a Trustce hav¢ worked on a comprehensive intemal condition sutvey of all the flats, to enable future planning for refurbishtnent and ¢omptsn¢nt placementS. This is being summarised in a docum¢nt that will infom maintenance pla[1ng. The Trustees are pleased that all kit¢hens and bathrooms were found to be in fair to good condition. The annual Resident5, Survey was carried out for the ninth year. using for the first titne the now compulsory format mandated by the Housing Ombudsman. The Trustees were pleased to see that the responses were once again mostly very positive. All Concerns and sugg¢51ions w¢re followed up. The garden remained a key amenity for the r¢sid¢nls, wilh many of them actively involved in its maint¢nan¢e. We entered the Guildford in Blooin ¢ompelilion again in th¢ n¢ighbouihood garden class. We re pleased io be awarded a silver-gilt Tnedal, sustaining our previous record of succes5. In accordance with Charity Commission guidance, a nutnber of policies havc b¢¢n reviewed and amended if thought necessary. These were policies for Safeguarding, Health & Safety, Cotnplaints, Risk Managetnent, Rerves. Equality & Diversity and Mobility Scooters. The Residents, Handbook and Regulations were also updated. We are closely monitoring the current financial 51tuation th¢ context of significant increases in inflation and rapidly rising costs, especially for energy, that relnain of Considerable ¢on¢ern. We have benefited from our fixed periixl energy contract made in 2023. which gave us and the residents pr0ctIon from the doubling of energy costs for six months. We have negotiated a new 2-year contract and have continued to provide information and advice sheets for residents on managing increases in the cost of living. and directed them to local and national sources of support.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL P*ge 5 REPORT OF THE TRUSTEES (CODtinued) FOR THE YEAR ENDED 31 DECEMBER 2024 We hav¢ now been using the services of The Trust Partnership for over two years, and appreciate their knowledge and experienee. The Trustees have also continiied to take an active role in the management of the almshouse, using their own skills, knowledge and experience to benefit the residents and th¢ Charity. Future Pl#us The Trustees intend to continue to operale the Charity in accordance with its Charitable obje¢iiv¢s, and the appointment of The Trust Partnership provided additional security and assurance of continuity for management and administration. W¢ expect to have a separate contract for property management and resident welfare by the end of 2025. While there will be a continuing need to manage our finances strategically and to r¢spond to increasing requirements for regulatory compliance, we do not anticipate other major changes in the foreseeable future. This Annual Report was approved by the Trustees at iheir meeiing held on 20 May 2025 and signed on rheir behalf by.. Mrs S Oviatt Ham Chair of Trustees Mr C Kirton Treasurer
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPIT AL ON THE UNAUDITED AccouTr¥fs FOR THE YEAR EI¥DED 31 DECEMBER 2024 P4ge 6 I report to the charity's tru5t¢es on my examination of the accounts of the ¢harity for th¢ year ended 31 Decemb¢r 2024 which are set out on pages 7 to 17. Responsibilities and basis of report As the charity'5 trustees you are respo]ble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe Act,). I report in respect of my examination of the chariiy's accounts Caled out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b> of the A¢t. Independent examiner's statement I have completed my examination. I confirm that no materia] matiers have come to my attention in connection with the examination giving tne cause to believe that in any material r¢5pect.' a¢¢ounting r¢¢ords were not kept in respect of the charity as required by se10n 130 of the Act. or the accounts do not accord with those records. or the a¢¢ounts did not comply with the applicable requirement5 concerning the forni and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 otheT than any requirement that the ac£ouniS give a 'true and fair, view which is not a matter Considered as part of an independent examination. I have no concerns and have COTne across no other matieTS in connection with the exainiiiation lo which attention should be drawn in this report in order to enable a proper underStatlg of the a¢¢ounts to b¢ reached. Raynond Dui)nett 20 Strathayon C105e Cranleigh Surrey, GU6 8PW Date
THE HosprrAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL P*ge 7 STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestri¢ted Re$trieted Endowment Funds Funds Funds Total Total 2024 2024 21124 2024 2023 Notes Income and EDdowmeDts from: Donations Charitable activities Investments Other 140 140 108.044 6,563 808 99,037 5,366 108,044 6,563 Total 114,607 140 114,747 105,211 Expenditure on: Charitable activities Governance 95,333 370 635 95,968 370 79,255 670 Total 95,703 635 96,338 79.925 Net Operating IDcome 18,904 (495) 18,409 25.286 Net gains on investments 4,195 4,195 2.224 Iyet Income for the year 23,099 (495) 22,604 27510 Transfer between funds {495) 495 Net movement ID funds 22,604 22,604 27510 Fund balances at l January 2024 196.885 46,754 243,639 216,129 Fund balances at 31 Deeember 2024 219,489 46,754 266,243 243,639 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure for the year arise from the charity's continuing operations. The notes on pages 9 to 17 forni part of these financial statements.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPtTAL Page 8 BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 Fixed Asset8 Tangible fixed asscts 46,754 46,754 Current Assets Invesmients Cash at bank and in hand 123,375 96,114 109,623 87,262 219,489 Creditors 196.885 Amounts falling within one yeaT Net Current Assets 219,489 196,885 Totsl Assets le55 Current Liabilities 266,243 243,639 Total1¥4et Assets 266,243 243,639 The Funds of the Charity Endowment funds Restri¢led funds io 46.754 46,754 46,754 46,754 Unrestricted funds D¢signated funds General Reserve 12 13 14 30.174 189.315 33,014 163,871 219,489 196,885 266243 243,639 The notes on pages 9 to 17 fomi part of these financial statements. The financial statements on pages 7 to 17 were approved by the Trustees on 20 May 2025 and signed on their behalf by: Mrs S Oviatt Ham Chair of Trustees •LuLL Mr C Kirton Treasurer
THE HOSPIT AL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 9 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTII4G POLICIES Basi$ of Preparation The accounts have been prepared on a receipts and payments basis in accordance with the Charities Act 2011. The financial statements have otherwise been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in ac¢ordance with the Financial Reporting Standard applieable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland (FRS102) Section IA and the Charities A¢t 2011. The financial statements are Prepared in sterling which 15 the functional currency and have b¢en rounded to the nearest pound. Income from Charitable Aetivitie$ Incom¢ from charitable activÉties is accounted for in the period in which the charity receives it. It represents maintenan¢e contributions r¢¢eived (in¢lusive of the Residents. contributions towards the cost of services), including Housing Benefits. InvestmeDt Income Bank interest and dividends are accounted for in the period in which the charity re¢eives them. Donatlons Re¢eived Donalions received are shown within in¢orn¢ and are accounted for in the period in which the charity receives Ihem. Volunteers and Donated Services The charity is grateful for the services of its trustees and other volunteer5. However, no value is included in the accounts for the hours of unpaid work that they undertak¢. Any Services that are donaied to the chilY are included as donated in¢ome and as an expense where the value of such services can be measured reliably and the amount involved is material. Expenditure Expenditure is accounled for in the period in which the charity mak¢s the payment and includes irreeoverabl¢ VAT. Investments Th¢ inv¢sttnents are stat¢d at market value less any provision for permanent diminution in value. Market value is taken lo be the quoted single fund price ruling at th¢ balance sheet date. All dividends are reinyested in ihe fund. All gains and losses on investments are included in the Siat¢m¢nt of Financial Activities.
THE HOSPITAL OF WILLIAlVt PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 10 NOTES TO THE FINANCIAL ST ATEMENfs (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES (¢oJhtinued) Tanglble Flxed Assets Tangible fixed assets are 5taied at cost less capital grants. It is the Charity's policy to comply with the Tequirem¢nts of the Tenaiit's Guarantee and in so doing, to maintain its housing property to a high standard through a continuing programme of refurbishment and maintenance, these cosis being written off when incurred in the Siatement of Financial Activities. Consequently the life of the property and its residu21 value is such that any depreciation charge would not b¢ malerial and therefore no depreciation is provided for in relation to housing property. Th¢ original cost of the original 1796 property is not known and as such is not record¢d in the accounts. Capital Grants Where developments have been financed wholly or partly by social housing or other grants. t]ie Cost of those developments has b¢en reduced by the amount of any related grants received. Insuranee Claims Insurance claims rec¢ived in respect of expenditure incurTed are netted off against such expenditure. Insurance ¢laim rtteipts Covering loss of iiicome are shown separately as incoine. Endowment Funds Endowtnent funds repTes¢nt the value of the origina] buildings of Stoke Hospital and subsequent additions as recognised in the accounts. These Sets cannot be realis¢d or charged and $0 are not available for expenditure. Income from endowment assets 15 uJJrestrict¢d in its use. Re5tri¢ted Funds These are gifts which have been given to the Charity to be used in accordan¢¢ with th¢ wishes of the donor. They m&y only be applied fw the purposes for whi¢h the funds were donated. Unrestricted funds The use of these funds has not been restricted io a particular purpos¢ by donors. They are subdivided into the General Fund and Designated Funds. Generul Fund Th¢ General Fund is the working fund of the Charity and is available for use at the discretion of the Trustees in furtherance of the Charity's objectives. Among the uses of the General Fund are ih¢ property operaling and maintenance expendiiure and the general administration of the Charity, De5igNaledfunds D¢signated funds ar¢ those fund5 whi¢h hav¢ been allocated by the Trustees for particular purposes. Further information on th¢ nature and basis of the various designated funds used by the Charity is given in Note 13.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 11 NOTES TO THE FINANCIAL STATEMEIYTS {conliJ)u¢d) FOR THE YEAR EIYDED31 DECEMBER 2024 2. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Maint¢nan¢¢ contributions r¢¢¢ived 108,044 99,037 The above represents the Chariry's social housing income for the year, nei of voids. The o¢cupan¢y rale was 990/& (2023- 98.2%), with void costs of £1,025 (2023 - £1.799) Included in the above are service charges of £17,827 (2023 - £14,947). 3. EXPENDITURE Unrestricted Restricted Endowment Funds Fullds Funds Total Total 2024 2024 2024 2024 21123 Charitable expenditure Stoke Hospital property MaInnanCe costs Professional fees Support Cosls Residents, amenities 62.633 3,276 29.424 62,633 3,276 29,424 635 54,723 23,972 560 635 95,333 635 95,968 79,255 Governknee Costs Prof¢ssional fees Independent Examiner's fee Bank ¢harges 35 275 35 275 60 335 275 60 370 370 670 95,703 635 96,338 79,925 All expenditure relates to social hOing activities. 4. EMPLOYEES There were no employees in the year (2023 nil). No Trustee received any remuneration from Ihe Charity during the year (2023 - none).
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 12 NOTES TO THE FINANCIAL STATEMENTS {COD¢inued) FOR THE YEAR ENDED JI DECEMBER 2024 S. REIMBURSEMENT OF EXPENSES TO TRUSTEES During the year there were no payments made to the Trustees of the Charity in respect of the reimbursement of expenses in¢urr¢d by them on behalf of the Charity (2023 - £nil). ACCOMMODATION IN MANAGEMENT 2024 2023 The number of units of accommodation in management at 31 December was.. Number of bed spaces 14 14 7. FIXED ASSETS 2024 2023 Freehold land and Buildings Original 1796 Sioke Hospital building (historical cosi known) Additions and linprovemcnts at ¢051 1970 1980 1996 1997 1998 28,726 10,279 56,263 22,480 I,538 28,726 10,279 56.263 22,480 I,S38 119,286 119,286 Less.. Capital grants received Guildlord Borough Council Grant 1978179 Social Housing Grant 1997198 Donation from Guildford Poyle Charity 1980 Surrey County Council Grant Guildford Borough Council GTant 9,068 60,528 1,316 1,000 620 9,068 60.528 1,316 1,000 620 72,532 72,532 Total Frechold Land and Buildings 46,754 46,754 The fre¢hold land and buildings were transferred from The Hospital of William Parson {Trust) on I Oolob¢r 2020. The Social Housing Grant of £60,528 is tentiallY repayable to Homes England in the event that the charity's Property, which was the purpose of the grant, is sold or otherwise disposed of.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 13 NOTES TO THE FINANCIAL STATEMLNTS (eontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 8. INVESTMENTS 2024 2023 Ma G Churity Mulri-assei Fund Value as at l January 2024 Additions Dividends reinvested Revalued in Year 109,623 5,000 4,557 4,195 103,215 4,184 2,224 Value as at 31 December 2024 123,375 109,623 Historical cost 61,992 56,992 9. ANALYSIS OF NET ASSETS BETWEEN FUNDS At 31 December 2024 Fixed Assets IDvestmeDÉs Cash Total Unr¢stri¢ted Funds Restricted funds Endowtnent fund 123,375 96,114 219,489 46,754 46,754 46,754 123,375 96,114 266,243 At JI December 2023 FiAed Assets Investments Cash Totsl Unrestricted Funds Restricted funds Endowment fund 109,623 87,262 196,885 46,754 46,754 46,754 109,623 87,262 243,639
THE HOSPIT AL OF WILLIAM PARSON KNowf+i LOCALLY AS STOKE HosprrAL Page 14 NOTES TO THE FINANCIAL STATEMENTS {CODtinued) FOR THE YEAR ENDED 31 DECEMBER 2024 10. ENDOWMENT FUNDS 2024 2023 Balance at l January 2024 46.754 46,754 Balance al 31 De¢emb¢r 2024 46,754 46,754 Endowment funds represent the value of the original buildings of Stoke Hospital and subsequ¢nt additions as recognised in the accounts. I'hese assets cannot be realised or charged and so are not available for expenditure. Income from endowment assets is unrestricted in its use. 11. RESTRICTED FUNDS Amenities Fund 2024 2023 Balance at l January 2024 Donations received Expenditure in Year Transfer (to)Ifrom General Reserve 140 (635) 495 658 {560} (98} Balance at 31 Decetnber 2024 The Amenities Fund represents donations received that were given for the direct benefit the residents of Stoke Hospital less amounts thus spent. Restricted funds repre5enl those funds r¢ceived for a specifi¢ purpose. These ffserves ¢an only be used for the purpose for which they were giv¢n. There was £nil unspent restricted funds at the end of the year.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 15 NOTES TO THE FINANCIAL ST ATEMENTS (COD¢inued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. UNRESTRicfED FUNDS 2024 2023 Balance ai l January 2024 Net income for ihe Year Transfer tol{from) restricted reserve 196,885 23,099 (495) 169,375 27,412 98 Balance at 31 December 2024 219,489 196,885 Allocation of Unrestrieted Funds 2024 2023 Designttled Furtds.. Extraordinary R¢pair Fund Cyclical Repair Fund IS,512 14,662 11,993 21,021 30,174 189,315 33,014 163,871 Gemerul Reserv Balance at 31 December 2024 219,489 196,885 Unrestricted funds represent the 'free reserves, of the charity that can be used in a¢¢ordanc¢ with the ¢haritable objects at the discretion of the trustees. The trustees have chosen to designate c¢rtain amounts for specific purposes in order to provide for certain types of future expenditure. Tb¢se are shown as design&ied funds, with further deiail given in Note 13 below.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 16 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 13. DESIGNATED FUNDS Extrg- ordinary Repair FuDd Deslgnated funds for the year ended 31 December 2024 Chapel Cyelic*l Improve- Repair ment FuDd Fund Total BalaTtces at l January 2024 Allocation from Gen¢ra] Resetve Expenditure 11,993 21.021 9.610 15.715 (6,091) (22,074) 33,014 25,325 {28,165) Balances at 31 December 2024 15,512 14,662 30,174 Extra- ordinary Repair Fund Designated funds for the year ended 31 De¢ember 2023 Chapel Cycliexl Improve- Repair ment Fund Fund Total Balances at l January 2023 Allocation from G¢nera] Reserve Expenditure 6,607 20,269 8,596 14,055 (3,210) (13,303) 1,607 28,483 7,287 29,938 18.894) {25,407) Balances at 31 December 2023 11,993 21.021 33,014 The movement5 in designated funds represent a net IransfeT from general r¢serves of £3,519 (2023- £5,386 to general reserves) in respect of the Exiraordinary Repair Fund, a net transfer to general reserves of £6.359 (2023 £752 from general reserves) in respect of the Cyclieal Repair Fund and a net transfer to general reserves of £nil (2023 - £1,607 from general reserves) in respect of the Chapel Improvement Fund. The purposes of the designated funds are follows.. ErOOrdinarY Repair Fund The charity sets aside a fund for future major repairs expettditure on ils property insofar as such expenditur¢ Is not eligible for grants from Homes England or local authorities. In setting the amount allocated to the Extratsrdinary Repair Fund the Trustees consider the guidance on thi5 issued by The Almshouse Association. Cyclical Repulr Fund A designated reserve has been established for the anticipated cosis involved in the future cyclical repairs and maintenance surh as external redecor&tion and maintenan¢¢. In setting the amount allo¢aied to the Cyclical Repair Fund the Trustees consider the guidance on ihis issued by The Almshouse Association. ChapelImprovemeni Fund A designaled reserve had been established for ihe improvement of the resid¢nls' comtnon room at Stoke Hospital (known as 'The Chapel,). The refurbishment and improvernent has now been cornpl¢t¢d.
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 17 NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EPIDED 31 DECEMBER 2024 14. GENERAL RESERVE 2024 2023 Balance at l Janu41ry 2024 Net Income for the year Nei transfers lo designated reserves Transfer (lo)Ifrom restrlcted reserve 163,871 23,099 2,840 (495) 140.892 27,412 (4.S31) 98 Balance at 31 December 2024 189J15 163,871 IS. VALUE FOR MONEY The seven value-for-money perforniance m¢trics for the charity as required by the Regulator of Social Housing #re as follows-. 2024 2023 Reinvestment New supply delivered Social units - Non-social units Gearing. Earnings before interest, lax, depreciation and atnortisation interest cover Headline social housing cost per unit Operating margin Social Housing Lettings - Overall Reiurn on capital employed N/a £6.881 Nla £5,709 260/¢J 260/0 The ¢harity has no borrowings and pays no interest. The Trusie¢s do not believe that there are any areas of underperfom)ance. 16. RELATED PARTY TRANSACTIONS There w¢re no r¢lated party transactions during the year (2023 - £nil)
THE HOSPITAL OF WILLIAM PARSON KNOWN LOCALLY AS STOKE HOSPITAL Page 18 DETAILED fNCOME AND EXPENDITURE ACCOUNT _ Management Information Only FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME Contributions by Residents (net of voids) Investtnent and other in¢ome Grants and donaliolls 90,217 6,563 140 &S,090 5,366 808 Total Cbaritable Income 96,920 90264 ExPENDURE Charifable Acliviiles Electricity and gas Water rates TV Licences Less.. Residents contribulions 16,580 1.955 227 117.827) 10,654 2,112 227 (14,947) Nei uliliry cosls/(credif) Extraordinary repairs Cyclical maintenance General repairs and maiMenan¢e Professional fees Emergency communication system Gardening services Cleaning Window Cleaning Residents, amenities The Trust Partnership Fees Insurance Telephone Subscriptions Printing and oifice expe[5 Sundry expenses Governance Professional fees Independent Ex8mrneT's fee Bank charges 915 2,816 22,074 9,459 3,276 2,478 3,075 1,554 248 635 25,746 2,167 536 ,584 184 1,374 (1,9541 12,104 13,303 8,215 2,161 1.902 1.456 246 560 20,997 2,343 458 127 1,199 35 275 60 335 275 60 Total Expenditure 78,511 64,978 SURPLUS FOR THE YEAR 18,409 25,286 This page does not fomi part of the statutory accounts.