Farley Hospital (A Charitable Incorporated Organisation)
Report of the Trustees and Financial Statements
for the Year Ended 31 March 2024
Charity No: 1187181
Farley Hospital (A Charitable Incorporated Organisation)
Index to the Financial Statements For the Year Ended 31 March 2024
| Contents | Page |
|---|---|
| Legal and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes forming part of the Financial Statements | 8 |
Farley Hospital
Legal and Administrative Details
For the Year Ended 31 March 2024
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 Carl Lycett (Chair to 16/01/2024) res. 10/04/2024 David Key (Chair from 17/01/2024) Joanna Parsons res. 14/08/2024 Nicholas Philipps Emma Reeve Sally Fairall Steve Mansfield appt. 21/06/2023 res. 10/04/2024 Adam Johnson appt. 14/12/2023 res. 12/06/2024
Two trustees were appointed after the year end: Jim Cullen appt. 08/10/2024 Mike Bergstrom appt. 11/03/2025
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 Salisbury SP1 2DR
Page 1
Farley Hospital
Report of the Trustees
For the Year Ended 31 March 2024
The Trustees present their report together with the financial statements for the year ended 31 March 2024.
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
During the 2023-24 financial year, our charity made significant strides in multiple areas, furthering our mission to provide supportive and sustainable living conditions while maintaining our Grade 1 listed building and strengthening our engagement with the local community. Below are the highlights of our key achievements and performance.
Property and Maintenance Enhancements
A major achievement this year was the completion of significant work on the west roof, including the replacement of flashing, which has resolved long-standing issues of water ingress.
The long-awaited fire system installation was completed, including alarms in all roof spaces and the Wardenry as well as the Wardenry misting system. This critical improvement has significantly reduced fire risk, ensuring greater safety and enabling wider use of the building.
Other key improvements included:
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Installation of iron handrails and replacement of the oil pump in the Wardenry.
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Extensive maintenance work, including fixing leaking windows and chimneys, replacing glass, and managing rodent issues.
Page 2
Farley Hospital
Report of the Trustees
For the Year Ended 31 March 2024
ACHIEVEMENTS AND PERFORMANCE continued
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A thorough review and discovery of the routing of the historic water supply to the cottages.
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Reinstatement of a paid gardener to maintain the front lawns and borders in good order.
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Restoration of the pizza oven in the Wardenry Garden, making it available for future events.
-
These efforts have not only enhanced the physical infrastructure of our properties but have also contributed to a safer and more welcoming environment for residents and visitors.
Events and Fundraising
Events and fundraising activities played a key role in engaging the community and securing necessary funds. Key highlights include:
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Farley Live 2023 – A Bee Gees tribute event welcomed 500 people to the field opposite the Farley Hospital building, that successfully sold out, raising much-needed funds for the charity as well as providing huge visibility of the charity and what it does to the community.
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• A jazz event that raised money for local causes, further strengthening our ties with the community.
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Following much preparation, the Wardenry was made available for AirBnB rental, marking the beginning of a new revenue stream. While still in its early stages, this initiative has been well received by both residents and trustees, and our first guests have given glowing reviews.
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• Residents from local villages have started requesting the use of the Wardenry for birthdays and family gatherings, showcasing its growing role as a community hub.
Community Engagement
Community spirit and engagement continued to thrive throughout the year with several key initiatives:
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All events mentioned above have had a great impact on our community engagement.
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The annual Christmas tree installation to the front of the Wardenry and Christmas celebration brought together residents and trustees in a festive atmosphere.
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A successful Spring Ball was held in 2023, further fostering community connections.
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Increasing engagement between residents and trustees has contributed to a stronger sense of community within the Trust.
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The growing use of the Wardenry for local events has encouraged the community to see Farley Hospital as a valuable gathering space.
Administrative and Governance Improvements
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We introduced specific work streams for board members, optimising our governance structure and enhancing the strategic oversight of our operations.
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The charity’s historical records were updated in the Great Book, preserving our heritage and ensuring continuity.
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A presentation review to Farley and Pitton Parish Council showcased our progress and cemented our relationships with local governance.
Overall, the year was marked by significant progress in property maintenance, successful fundraising initiatives, and increasing community involvement. These achievements contribute to the long-term sustainability of the Trust and reinforce our commitment to providing a thriving and inclusive environment for all stakeholders.
Page 3
Farley Hospital
Report of the Trustees
For the Year Ended 31 March 2024
FINANCIAL REVIEW
The charity's total incoming resources for the year amounted to £69,788. The total expended resources during the year was £69,574. The year saw the investments make an unrealised gain of £4,496. The final result was a surplus of £4,710.
Reserves Policy
The charity has reserves split between two funds. The General Fund (unrestricted) can be used in accordance with the chartable objectives at the discretion of the trustees and finances the day-to-day running costs. The Extraordinary Repair Fund (restricted) can only be used for the extraordinary repair or improvement or rebuilding of the property belonging to the charity.
RESPONSIBILITIES OF THE TRUSTEES
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 Charity’s financial activities during the period and of its financial position at the end of the period.
In preparing those financial statements;
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the Trustees are required to select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on ……………………………….. and signed on its behalf by:
………………………………………………………. D Key Chair of Trustees
Page 4
Independent Examiner's Report to the Trustees of
Farley Hospital
For the Year Ended 31 March 2024
I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 6 to 10.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 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's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records[; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination] .
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
N D Jones Fawcetts LLP Windover House St Ann Street Salisbury SP1 2DR
Dated: 18 March 2025
Page 5
Farley Hospital
Statement of Financial Activities
For the Year Ended 31 March 2024
| Note INCOMING RESOURCES Voluntary income Donations Activities for generating funds Residents' contributions Charitable activities Investment income 3 Raising funds Cost of charitable activities 5 Governance costs 6 Net movement in funds for the year Total funds at 1 April 2023 Total funds at 31 March 2024 TOTAL INCOMING RESOURCES RESOURCES EXPENDED TOTAL RESOURCES EXPENDED Net Incoming/(Outgoing) Resources Unrealised gain/(loss) on investments Net Incoming Resources before other recognised gains and losses Incoming resources from generated funds: |
Unrestricted £ 24,018 43,477 - 1,526 69,021 11,371 58,203 - 69,574 (553) 2,374 1,821 1,821 96,137 97,958 |
Restricted £ - - - 767 767 - - - - 767 2,122 2,889 2,889 39,316 42,205 |
Year to 31.3.24 £ 24,018 43,477 - 2,293 69,788 11,371 58,203 - 69,574 214 4,496 4,710 4,710 135,453 140,163 |
Period to 31.3.23 £ 12,894 51,490 - 3,272 67,656 10,511 52,265 - 62,776 4,880 (1,447) |
|---|---|---|---|---|
| 3,434 3,434 132,019 135,453 |
There were no recognised gains and losses other than those shown in the above Statement of Financial Activities.
Page 6
Farley Hospital
(Charity number: 1187181)
Balance sheet
As at 31 March 2024
| Notes Tangible fixed assets Heritage assets 8 Investments 9 Current assets Debtors 10 Cash at bank & in hand Creditors: amounts falling due within one year 11 Net current assets Net assets The Funds of the Charity Unrestricted Funds: General Fund 12 Restricted Funds 12 Total Funds |
£ £ 1 77,050 77,051 - 63,112 63,112 - 63,112 140,163 97,958 42,205 140,163 2024 |
£ £ 2023 |
£ £ 2023 |
|---|---|---|---|
| - 63,112 |
- 66,017 |
1 72,554 |
|
| 72,555 66,017 |
|||
| 63,112 - |
66,017 - |
||
| 138,572 | |||
| 96,137 39,316 |
|||
| 135,453 |
The financial statements were approved by the Trustees on ………………..………….and signed on their behalf by:
……………………………………………………….
D Key Chair of Trustees
Page 7
Farley Hospital
Notes to the Financial Statements
For the Year Ended 31 March 2024
1. Accounting policies
(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 Charities Act 2011.
Farley Hospital 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 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 being notified of an impending distribution or the legacy being received.
(c) Incoming resources from grants are recognised in line with predetermined schedules of 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 costs are deemed to be attributable to Charitable Expenditure only.
(e) Fund accounting
Funds held 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 funds to be used for specific purposes at the request of the donor.
(f) Investment gains and losses
These include realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from the revlauing investments to 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 is taken to the statement of financial activities. Investment income is accounted for on an accrual’s basis.
2. Net outgoing resources for the period
| 2. Net outgoing resources for the period | ||||
|---|---|---|---|---|
| Year to | Period to | |||
| 31.3.24 | 31.3.23 | |||
| This is stated after charging: | £ | £ | ||
| Accountancy fee | - | - | ||
| Depreciation | - | - |
Trustees did not receive any remuneration, benefits in kind nor expenses for 2024 or 2023.
Page 8
Farley Hospital
Notes to the Financial Statements
For the Year Ended 31 March 2024
3. Investment income
| Dividends Interest receivable 4. Analysis of total resources expended Charitable activities Direct costs Governance costs Other costs 5. Charitable activities expenditure Recurring repairs to almshouses Water rates Gardener, arboricultural contractor etc Insurance - property and trustees indemnity Almshouses Association 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 £ - 1,526 1,526 Almshouses £ 58,203 - - 58,203 Unrestricted £ 35,685 1,778 460 5,729 343 332 1,594 60 2,719 3,684 5,819 58,203 Unrestricted £ - - - |
Restricted £ 767 - 767 Support costs £ - - - - Restricted £ - - - - - - - - - - - - Restricted £ - - - |
Year to 31.3.24 £ 767 1,526 2,293 Year to 31.3.24 Total £ 58,203 - - 58,203 Year to 31.3.24 £ 35,685 1,778 460 5,729 343 332 1,594 60 2,719 3,684 5,819 58,203 Year to 31.3.24 £ - - - |
Year to 31.3.23 £ 757 2,514 |
|---|---|---|---|---|
| 3,271 | ||||
| Year to 31.3.23 Total £ 52,265 - - |
||||
| 52,265 | ||||
| Year to 31.3.23 £ 33,345 523 - 7,208 196 1,358 420 72 884 3,729 4,531 |
||||
| 52,265 | ||||
| Year to 31.3.23 £ - - |
||||
| - |
Page 9
Farley Hospital
Notes to the Financial Statements
For the Year Ended 31 March 2024
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 expenses.
8. Heritage assets
Farley Hospital was built in 1681 and consists of six single almshouses, two larger almshouses and a central wardenry. It is stated at a nominal value of £1, although for insurance purposes it is valued at £2.4m; consequently no depreciation is provided.
9. Investments
| Market value: At 31 March 2023 Additions - annual investments purchased Disposals Unrealised gains At 31 March 2024 10. Debtors Residents contributions Prepayments 11. Creditors: amounts falling due within one year Other creditors Accruals and deferred rental income 12. Analysis of net assets between funds Restricted funds Unrestricted funds Net assets at the end of the year |
Unrestricted £ - - - Unrestricted £ - - - |
General fund £ 37,449 - - 2,374 39,823 Restricted £ - - - Restricted £ - - - Fixed assets £ 77,050 1 77,051 |
Extraordinary repair fund £ 35,105 - - 2,122 37,227 31.3.24 £ - - - 31.3.24 £ - - - Net current assets £ - 63,112 66,017 |
Total £ 72,554 - - 4,496 |
|---|---|---|---|---|
| 77,050 | ||||
| 31.3.23 £ - - |
||||
| - | ||||
| 31.3.23 £ - - |
||||
| - | ||||
| Total £ 77,050 63,113 |
||||
| 140,163 |
Page 10