## **Farley Hospital (A Charitable Incorporated Organisation)**
## **Report of the Trustees and Financial Statements**
## **for the Period Ended 31 March 2021**
**Charity No: 1187181**
**Farley Hospital (A Charitable Incorporated Organisation)**
## **Index to the Financial Statements For the Period Ended 31 March 2021**
|**Contents**|**Page**|
|---|---|
|Legal and Administrative Details|1|
|Report of the Trustees|2|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes forming part of the Financial Statements|7|
**Farley Hospital**
## **Legal and Administrative Details**
## **For the Period Ended 31 March 2021**
## **STATUS**
The charity is a Charitable Incorporated Organisation registered with Charity Commission for England Wales under its Governing Document.
## **TRUSTEES OF THE CHARITY**
Jason Reeve Rebecca Baxter Adam Feest Rachel Funnell David Key Carl Lycett Joanna Parsons Nicholas Philipps Lucy Rickman Jonathan Whelan Charles Wilkinson
## **REGISTERED CHARITY NUMBER: 1187181**
## **OPERATIONAL ADDRESS AND REGISTERED OFFICE**
Farley Hospital Church Road Farley Salisbury SP5 1AH
## **INDEPENDENT EXAMINER**
N D Jones Fawcetts LLP Windover House St Ann Street
Page 1
**Farley Hospital**
## **Report of the Trustees**
## **For the Period Ended 31 March 2021**
The Trustees present their report together with the financial statements for the period ended 31 March 2021.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity is a Charitable Incorporated Organisation and registered with the Charity Commission. It was established on 2 January 2020 under its governing document.
## **The Appointment of Trustees**
The Trustees are as shown on page 1.
Exisiting trustees undertake a selection process to ensure the broad mix of skills provided by the trustees is maintained.
## **OBJECTIVES AND ACTIVITIES**
The object of the charity is for the public benefit: the provision and maintenance of almshouse accommodation in the property known as Farley Hospital in the parish of Pitton and Farley, Wiltshire for poor persons of good character who (except in special cases to be approved by the charity commission) reside within a radius of 15 miles from the buildings of the charity at the time of appointment with a preference for persons resident in the area comprising the parish of Pitton and Farley, the parish of Grimstead and the lordship of Maddington.
## **Risk**
The charity regularly reviews and assesses the risks it faces in all areas of its work and plans for the management of those risks.
## **Public benefit**
When planning their charity's activities, the charity trustees have regarded the Charity Commission's guidance on public benefit.
## **ACHIEVEMENTS AND PERFORMANCE**
Following the stepping down of the previous board, a new interim board stepped in to ensure continuity of the Charity. This temporary board then ran a wide ranging and transparent selection process to appoint a new board of trustees. The members of interim board then stood down but were asked by the newly elected board to -rejoin. The result was a new board of trustees, comprising 11 local people bringing a wide range of skills and experience to the running of the charity.
New modern almshouse contracts and handbooks were put in place with the residents. These included a staged approach to bringing the maintenance payments more in line with almshouse norms and providing clarity to everyone over the expectations of both residents and trustees. The staging of the payment increases have been put in place to help the residents manage the financial increase, but even when the staged increases are complete, we will still be on target for being circa 10% cheaper than the equivalent average rent it the area. Following a resident departure, unit number 8 was entirely refurbished and immediately occupied at an improved maintenance income. Further works were carried out to number 7 and the wardenry, in addition to tackling the back log of general repairs and maintenance. In addition, new, modern night storge heaters were installed in every property still on the old heaters. Furthermore, two new flumes have been installed, with residents installing two new wood burners, and all chimneys swept. This will also improve the warmth in the units and help the overall fabric of the building.
Page 2
Farley Hospitsl
For the Period End¢d 31 M1 2021
ACHIEVEMEKfs AND PERFORMANCE ¢ontiTh
The new maintenance incomes lincludin8 rentsl of the stables) and generous amistance ol time from many
have allowed the chafOtYs fi.nances to be maintained at a Sbmiiar level to last year. despite the additional
expenditure needed this year. The 803rd is further planniry a range of fund-rai5in8 events to bring In additional
income towards Strengthenin8 the chariWs finances.
We also plan this coming financial year to r&5ubmit our herTtage k>ttery funding application in the hope of
securin8 a major fundin8 line to tackle the lor8cale repairs needed. such as a new roof. Once an appropriate
fire safety Svrtem has b••n in6iall•d. w• wll b• looking to r•nt out the wardenry for events. further ifbcrÈasin8
the income to the charity. We have had variou5 issue5 to work through around achieving suitable fi safety
standards to use the wardenry commercially which he limited our èkn'lity to generate ITorne a5 earty as we
would have liked.
FINANaAi REVIEW
The chaiity's totsl incomirwd resouices for the year amounted to £156.647. of which £125.855 rfateo to a
transfer of the net assets of the fornier charrty, Farley Hospital. The total expended rewurces durin8 ihe year
was £56,994 as the trustees approved considerable major works to be caryied out on the almshouses. The year
a150 saw the investments make an unrealised 8aln of £11.878. The final result was a surplus of £111.531.
Rtleryvs Polkv
The charity has Teserves split between two funds. The Gefwal Fund lunrestrictedl can be used in accofdance
wilh the chartable obiectr4es at ihe discretion of the tnsstee5 and finances the day-to-dwi runnin8 Costs. The
Extraordinary Repair Fund Irertrirtedl can only be used for the extraordinary repair or improvement or
retrlIdIn8 of the property belonging to the charfity.
RESPONSIBIUTIES OF THE TRUSTEES
Law appl•cable to tharities in EnglarKI and Wales requir the Trustees to prepare financial statements for each
financial year which 8l¥e a true and falr View of the Charts financial activities durSffd the perlod and of its
Ionancial posrtion at the end of the penod.
In prepariw those financlal ststements:
the Trustee5 are required to select suitable accounting wlities and then apply them conslstently:
make lud8ements and estimates that are reasonable and prudent;
ale whether aDDlicable accounting 51andards and staiemenis of fecomrnended practite have been
followed subject to any departures disclosed and explained in the finarKial statements.. and
prepare the fin•ncial statements on the Boiw Concern basis unless it 15 inappropriate to presume that the
Charity will continue in bvsiness.
The Trustees are responsible for keeping proper attounting records which dlsclose with reasonable accurac¥ at
anv time the financial posItK of the ChariThl and to enable them to ensure that the financial statements
comply with applicable law and regulations. They are also responsible for safe8uardin8 the assets of the
Charity ar hence for takin8 reasonable steps for the prevention and detection of frJud and other
irregularities.
Approved by the T
and signed on its behalf by".
Chair of Trustees
P4e3
**Independent Examiner'sReport to the Trusteesof**
## **FarleyHospital**
## **For the Period Ended 31 March 2021**
I report on the accountsof the charity for the period ended 31 March 2021 which are set out on pages5 to 9.
## **Responsibilitiesand basisof report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirementsof the CharitiesAct 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried 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 Act.
## **Independent examiner'sstatement**
I have completed my examination. I confirm that no material mattershave come to my attention in connection with the examination givingme cause to believe that in any material respect: 1.
- 2.the accountsdo not accord with those records[; or
3.the accountsdo not comply with the applicable requirementsconcerningthe form and content of accountsset out in the Charities(Accountsand Reports) Regulations2008 other than any requirement that the accountsgive a ‘true and fair view’ which isnot a matter considered aspart of an independent examination] .
I have no concernsand have come acrossno other mattersin connection with the examination to which attention should be drawn in thisreport in order to enable a proper understandingof the accountsto be reached.
N DJones FawcettsLLP Windover House St Ann Street Salisbury SP1 2DR
6 October 2021 Dated:……………………………………………………….
Page 4
## **Farley Hospital**
## **Statement of Financial Activities**
## **For the PeriodEnded 31 March 2021**
|Note
**INCOMINGRESOURCES**
**Voluntary income**
Donations
Transfer of assetsfrom Farley Hospital (reg'd no. 201348)
**Activitiesfor generatingfunds**
Residents' contributions
Charitable activities
**Investment income**
3
**Cost of charitable activities**
5
**Governance costs**
6
**Net movement in fundsfor the year**
**Total fundsat 31 March 2021**
**TOTALINCOMINGRESOURCES**
**RESOURCESEXPENDED**
**TOTALRESOURCESEXPENDED**
**Net IncomingResources**
**Unrealisedgainon investments**
**Net IncomingResourcesbefore other recognised**
**gainsand losses**
**Incomingresourcesfrom generatedfunds:**|Unrestricted
£
305
63,719
64,024
27,501
2,538
94,063
20,270
3,986
24,256
69,807
6,256
76,063
76,063
76,063|Restricted
£
-
62,136
62,136
-
-
448
62,584
32,738
-
32,738
29,846
5,622
35,468
35,468
35,468|Period to
31.3.21
£
305
125,855
126,160
27,501
-
2,986
156,647
53,008
3,986
56,994
99,653
11,878|
|---|---|---|---|
||||111,531
111,531
111,531|
There were no recognised gains and losses other than those shown in the above Statement of Financial Activities.
Page 5
F•rtey MasiAtal
(Chffj number. 11871811
As Marth 2021
2021
Tan8lble Ilxed assets
Heritage assets
Investments
68,626
68,627
Deblors
Cash ai bank & in hand
io
43
*lthln on• y•av
li
I)
42,904
111,531
General Fund
76,(%3
12
35.468
111,531
The finandal statements w
approved the Tntstees on....... ...... ..*A.l....•nd sId on their b•halfby'.
J Ree*e
Chair of Trustees
Pale 6
## **FarleyHospital**
## **Notesto the Financial Statements**
## **For the Period Ended 31 March 2021**
## **1. Accountingpolicies**
(a) 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 UK and Republic of Ireland (FRS102) (effective 1 January 2019) and in accordance with the CharitiesAct 2011.
Farley Hospital meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) **Incoming resources** are included in the statement of financial affairs when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity beingnotified of an impendingdistribution or the legacy beingreceived.
(c) **Incomingresourcesfrom grants** are recognised in line with predetermined schedulesof expenditure.
(d) **Resources expended** are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Donations are made only when they meet the objects of the charity. Support costsare deemed to be attributable to Charitable Expenditure only.
## (e) **Fund accounting**
Fundsheld by the charity are:
_Unrestricted funds -_ These are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
_Restricted funds -_ These are fundsto be used for specificpurposesat the request of the donor.
## (f) **Investment gainsand losses**
These include realised or unrealised gainsor losseson the sale of investmentsand any gain or lossresultingfrom the revlauinginvestmentsto market value at the end of the financial period.
## (g) **Fixed asset investments**
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation istaken to the statement of financial activities. Investment income isaccounted for on an accrual’sbasis.
## **2. Net outgoingresourcesfor the period**
|Thisisstated after charging:
Accountancy fee
Depreciation|Period to
31.3.21
£
-
-|
|---|---|
Trusteesdid not receive any remuneration, benefitsin kind nor expensesfor 2021.
Page 7
## **Farley Hospital**
## **Notesto the Financial Statements**
## **For the Period Ended 31 March 2021**
## **3. Investment income**
|Dividends
Interest receivable
**4. Analysisof total resourcesexpended**
**Charitable activities**
Direct costs
**Governance costs**
**Other costs**
**5. Charitable activitiesexpenditure**
Recurringrepairsto almshouses
Major worksto almshouses
Water rates
Gardener, arboricultural contarctor etc
Insurance - property and trusteesindemnity
AlmshousesAssociation subscription
Stationery and office costs
Sundry expenses
Bank charges
Light and heat
Council tax
Salaries
**6. Governance costs**
Legal and professional costs
Independent examiner fees|Unrestricted
£
-
2,538
2,538
Almshouses
£
53,008
-
-
53,008
Unrestricted
£
4,112
-
2,118
2,886
2,311
179
86
332
69
2,456
5,006
715
20,270
Unrestricted
£
3,986
-
3,986|Restricted
£
448
-
448
Support
costs
£
-
3,986
-
3,986
Restricted
£
-
32,738
-
-
-
-
-
-
-
-
-
-
32,738
Restricted
£
-
-
-|Period to
31.3.21
£
448
2,538|
|---|---|---|---|
||||2,986|
||||Total
£
53,008
3,986
-|
||||56,994|
||||Period to
31.3.21
£
4,112
32,738
2,118
2,886
2,311
179
86
332
69
2,456
5,006
715|
||||53,008|
||||Period to
31.3.21
£
3,986
-|
||||3,986|
Page 8
**FarleyHospital Notesto the Financial Statements**
**For the Period Ended 31 March 2021**
## **7. Taxation**
The charity is exempt from tax on its charitable activities per sections 521 to 536 of ITA 2007. Because of its current activities Farley Hospital is not registered for VAT and therefore cannot recover VAT on its
## **8. Heritage assets**
Farley Hospital wasbuilt in 1681 and consistsof six single almshouses, two larger almshousesand a central wardenry. It is stated at a nominal value of £, although for insurance purposes it is valued at £2.4m; conseuqently no depreciation isprovided.
## **9. Investments**
|**Market value:**
Transfer of assetsfrom Farley Hospital (reg'd no. 201348)
Additions- annual investmentspurchased
Disposals
Unrealised gains
At 31 March 2021
**Debtors**
Residentscontributions
Prepayments
**Creditors: amountsfallingdue within one year**
Other creditors
Accruals
**Analysisof net assetsbetween funds**
Restricted funds
Unrestricted funds
Net assetsat the end of the year|General
fund
£
29,612
-
-
6,256
35,868
Unrestricted
£
-
-
-
Unrestricted
£
-
900
900
Fixed assets
£
68,626
1
68,627|Extraordinary
repair fund
£
27,136
-
-
5,622
32,758
Restricted
£
-
-
-
Restricted
£
-
-
-
Net current
assets
£
-
42,904
42,904|Total
£
56,748
-
-
11,878|
|---|---|---|---|
||||68,626|
||||31.3.21
£
-
-|
||||-|
||||31.3.21
£
-
900|
||||900|
||||Total
£
68,626
42,905|
||||111,531|
## **10. Debtors**
## **11. Creditors: amountsfallingdue within one year**
## **12. Analysisof net assetsbetween funds**
Page 9