PARSON LATHAM'S HOSPITAL IN BARNWELL Registered Charity no. 200953 ANNUAL REPORT AND STATEMENT OF ACCOUNTS Year ended 6 April 2024
PARSON LATHAM'S HOSPITAL IN BARNWELL REPORT OF THE TRUSTEES Year ended 6 April 2024 Reference and administrative infom)ation The Trustees of the Charity are'.- Mrs P Rutterford {Chairl Mr S Berridge Mrs C Forresl Mr R Marriott Mrs C Whighl Mrs H Hanlon Ms D Langley Mr N Bould The Duke of Buccleuch The Martyrs Memorial & Church of England Trust The Clerk to the Trustees and Principal Address are:. Mrs N Phillips 54 High Street Rirngstead Kettering NN14 4DA The Bank is-. Sanlander UK PLC The Independent Examiner is'.- K Hilliard ACA FCCA CTA Price Bailey LLP 36 Tyndall Court Comrnerce Road Lynchwood Peterborough, PE2 6LR The Solicitors are-. Lamb & Holmes West Street Kettering NN15 OAZ Charity Registration Number 200953 Regulator of So¢ial Housing {formerly Homes and Communities Agency} Registration Number: A2759
PARSON LATHAM'S HOSPITAL IN BARNWELL REPORT OF THE TRUSTEES (Contd.) Year ended 6 April 2024 The trustees present their report and accoLJnls for the year ended 6 April 2024 The accounts have been prepared in accordance with the a¢¢ounting policies sel out in note 1 to the ac¢oLJnts and comply with the Charity's governing Inslruclions, the Charities Act 2011 and 'Accounling and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Organisation The purpose of the Charity is to provide and maintain accommodation lor the welfare of elderly and needy people in eight almshouse cottages al Church Hill, Barnwell, East Northamplonshire. UK. The governing document is the Charity scheme dated 2 FebrLJary 1923 as amended by an amending Scheme of 23 October 1980. Trustees are appointed in accordance with the Scheme as lollows".- 3 by Barnwell Parish Council lappoinlmenls renewable after 4 years) 1 by Old Weston Parish Council lappoinlmenls renewable after 4 years) 1 by the Vicar and Churchwardens of Barnwell lappoinlments renewable after 4 yearsl 3 by the Trustees (described in the Scheme as "co-oplive") (appointments renewable after 10 years) There is also two nominated ex-officio Trustees.. The Duke of 8u¢¢leu¢h and The Martyrs Memorial and Church of England Trust Trustee appointments are made either by nomination from the external body Concerned. proposal or by local advertisement for co-oplive Trustees If a vacancy arises from the departure of an existing Trustee The Trustees elect a Chair each year al their January meeting. The Trustees ol the Charity have given due regard and adhere to the Charity Commission's guidance on public benefit. Review of Activities The work of the Charity sucsSfUllY continued through another year both practically and financially. Eight cottages were occupied throughout the financial year. The community comprises five ladies and three gentlemen. Weekly Maintenance Contributions from resident5 were increased to £50.00, heating charges increased to £18 00 per week, with 2 further increase lor healing to £21.50 on 1 July 2023. Electricity charges for domestic lighting increased to 37p per unil falling back lo 35p per unit on 1 October 2023 Electricity costs and payments remained within budget The collection of maintenance conlribulions, healing and electricity payments by standing order proceeded smoothly with residents mainly changing their standing order before the dale of inciease. The annual residents and Iruslees lunch held on 12 April 2023 celebrated the coronation of King Charle5111 Soup and Sandwiches lunches were held monthly and Cream Teas on five Sundays in July and August a5 community and fundraising events.
PARSON LATHAM'S HOSPITAL IN BARNWELL REPORT OF THE TRUSTEES IContd.I Year ended 6 April 2024 Results for the year 2024 2023 Nel movement in funds Funds brought forward Funds carried forwaid 11,168 294119 116,0661 310 185 Reserves Al the year end the to121 unreslricled funds held by the charity were £129,33312023". £123,672). Of these, £80,829 were designated for the following particular purposes Major repairs reserve properties. the charity designates a reserve lo cover unusual or major items ol expenditure on ils Cy¢lical maintenance reserve properties. the charity clesignales a reserve lo cover the costs of periodic repairs lo ils The balance of general Ljnreslricted funds amounted lo £48.504. These reserves are available for the general purposes of the charity and the Iruslees believe that thi5 level of reserves is both necessary and sufficient to support the working capital of the charity At the year end the total restricted funds held by the charity were £175.95412023'. £170.4471. These funds are held as tangible fixed assets Policies & Practice The Trustees primary concern Is the welfare and comfort of the residents and, where necessary, and as funds allow. improvements are carried out lo ensuie all accommodation is ol high order and rneets the required standards The Trustees agreed 2 bLJdgel, recèived regular financial reports at their bi-monthly meetings and undertook reviews ol the Charity's investments An appropriate proportion of the free reserves was committed lo the funds established for both routine maintenance and unexpected repairs. The policy of individual allocation of a nominated Trustee lo each Resident has conlinuecs. The policies and practices of the Charity were followed and financial and other affairs were efficiently administered The Trustees have considered the need lo mitigate and manage financial and physical risks under their control and have regularly reviewed these. Budget reviews of spending against forec2Sts were undertaken before year- end The average payment period for the settlement of creditors remain5 al 10 days and there is a firm commilmenl to the use ol online banking lo speed up payment and avoid postal cosls The primary communication route to all Trustees is now by email.
PARSON LATHAM'S HOSPITAL IN BARNWELL REPORT OF THE TRUSTEES IContd.} Year ended 6 April 2024 Statement of Trustees, Responsibilities The Charity is governed by a body of Trustees appointed in accordance with the Trijsl Scheme. The Trustees are as listed above The Trustees are responsib5e for preparing the Trustees, Annual Report and the financial 51alemenls in ac¢ordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepled Accounting Praclicel. The1aw applicable ID ChariteS In England and Wales together with the obligations on registered social housing providers require the Trustees to prepare the financial slalements for each financial year which give a true and fair view of the slate of affairs of the Charity and ils income and expenditure for that period. In preparing these financial slalements the Trustees are required lo". Select suitable accounting policies and apply them consislenlly., Observe the methods and principles in the Charities SORP IFRS 102)., Make judgements and eslim81es that are reasonable and prudent", State whether applicable accounting standards have been followed, and Prepare the financial slatemenls on the going concern basis unless il is Inappropriate lo presume that the charity will continue in operation. The Trustees are responsible foi keepino sufficient accounting records that disclose with reasonable accuracy al any lime the financial position ol the Charity an(J enable them to ensure that the accounts comply with the Charities Act 2011, the Ch2rities IAccounls and Reports) RegLJlations 2008 and the provisions ol the governing instruments. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonab5e steps for the prevention and detection of fraud 8nd other irregularities. Preparation of Accounts with Independent Examinalion will be undertaken in accordance with Section 145 of the Charities Act 2011 Signed on behalf of the trustees.. Dale P Rullerford - Chair
PARSON LATHAM'S HOSPITAL IN BARNWELL STATEMENT OF FINANCIAL ACTIVITIES Year ended 6 April 2024 Notes Unrestricted Permanent funds endowment funds Total Total 2024 2023 Income and endowments from.. 11dl Charitable actlvsties". Housing". Residents, contributions for.. Maintenance and healing Electricity 28,106 28.106 25,726 36,308 36,308 30,652 Other income". Miscellaneous income Grants received 4.015 4.015 3,819 5,398 126 5.398 126 5,619 50 Donations and legacies Investment income Total income and endowments 44.817 44.817 38.403 enditure on: Charitable a¢tivilies' Services. Telephone alann system Electricity Insurance Water rates 1,190 14,189 1,799 752 1,190 14.189 1.799 752 1,152 16.322 1.343 17 17 Maintenance.. Majorlcy¢lical repairs Day lo day repairs 5,792 5,792 14,593 44 Mana ement and other costs.. Charity scheme payments Advertising. slalionery and postage Event costs Subscriptions Sundries Depreciation Loss on disposal of tangible asse15 39 39 39 458 689 458 689 741 550 101 5,842 783 327 5,568 5.895 Governance costs.. Clerk's salary Independent examiner's fees 4,289 4,289 3,858 Total resources expended Net incoming resources before transfers and gainsll1055esl on investments 10,083 18,2111 1,872 116,2121 Net gainslllossesl on investments Net incoming resources before transfers 146 211
PARSON LATHAM'S HOSPITAL IN BARNWELL STATEMENT OF FINANCIAL ACTIVITIES Icontinuedl Year ended 6 April 2024 Notes Unrestricted Pemianent funds endowment funds Total 2024 Total 2023 Net incoming resources before transfers 19,379 {8,2111 11,168 (16,0861 Gross Ir8nsfers between funds Net movement in funds 5.661 5,507 11.168 116.0661 Fund balances at 7 April 2023 123672 170447 294119 310 185 Fund balances at 6 April 2024 12
PARSON LATHAM'S HOSPITAL IN BARNWELL BALANCE SHEET Year ended 6 April 2024 Notes 2024 2023 Fixed assets Tangible assets Investments 176,937 130319 171.756 307,256 295.140 Current assets Debtors Cash at bank 522 325 1.590 2.525 Creditors- Amounts falling due within one year Net current assets Total assets less current liabilities Capital funds Unrestricted funds - general 12 48.504 51,811 Unrestricted funds designated Total unreslricled funds including revalualion SeThe of £68, 649 (2023. £68.387) 13 71 861 129,333 123,672 Endowment funés 14 175954 170447 The financial statements on pages 5 10 15 were approved by the Trustees and authorised for issue on li J*.'2o'&.. and were signed on their behalf by.. Mrs P RLJllerford Chair ol the Trustees Mr R Marriott - Trustee The accompanying notes form part of these accounts.
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Year ended 6 April 2024 PRINCIPAL ACCOUNTING POLICIES Charity information Parson Lalham's Hospital in Barnwell is a Registered Charity and Registered Social Housing Provider that is primarily an Almshouse Charity. lal Accounting convention The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard 3ppli¢able In the UK and Republic of Iieland i55ued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republio of Iieland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accounting Piaclice. The financial statements have been prepared lo give a'true and fair, view and havè departed from the Charities (Accounts and Rèports) Regulations 2008 only lo the extent required to provide a 'liue and fail view.. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to eharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 ialher than the veision of the Statement of Recommended Practice which is referred lo the Regulations but which has since been withdrawn The accounts are prepared in sterling. which is the functional Currency of thè Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The accounts have been prepared on the historical cost oonvention with the eXpIlOn ol fixed asset inve51menls that are stated at market value The principal accounting policies adopted are set out below. Ibl Going concern At the time of approving the accounts, the Iruslees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence lor the foreseeable future. Thus the Iruslees continue lo adopt the going concern basis of accounting in preparing the accounts. Icl Charitable funds Unrestricted funds General funds Unrestricted funds are available for use at the discretion of the Iruslee5 in furtherance of their charitable objectives unless the funds have been designated lor other purposes. Designated funds The following Ljnrestricled funds have been designated al the discretion of the Iruslees for specific purposes as follows. Major repairs reserve the charity designates a reserve lo cover unusual or major items of expenditure on ils properties. Cyclical mainlenan¢e reserve repa1rs to Its pioperties. the charity designates a reserve lo covei the costs of periodic Permanent endowment funds Perrnanenl endowment funds represent the capital of the Charity and are invested in operational properties in¢lLJding almshouse residential properties and the Chapel Hall. This Capital is not expendable but the Income generated represents unieslricled income.
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Icontinuedl Year ended 6 April 2024 PRINCIPAL ACCOUNTING POLICIES Icontd.) Idl Incoming resources Income is recognised when the Charity is legally enlillell lo ((. Incoming resources represent residents, contributions for maintenance, healing, electricity and other sundry income and donations. lel Resources expended Expenditure is recognised when 8 legal or conslruclive obligation has fallen due All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT Is charged as a cost against the activity for which the expenditure was Incurred. Tangible fixed assets and depreciation Tangible fixed assets. other than housing properties are slated al cost less accumulated depreciation. Depreciation is provided, on a straight line basis, lo write off the cost of assets over their expected economic useful lives as follows.. Garden equipment Computer equipment 200/0 200/0 Housing properties are stated al cost less depreciation. Major components are Iiealed as separable assets and depreciated over their expected useful economic live5, or the lives of the structure to which they relate, if shorter, to their eslimated residual value on a straight line basis al the following annual rates.. Structure Healing Roof1ng Bathrooms Windows External Doors Lighting 1.25/. 3.33°/0 2.50/0 3.33/. The gain or loss arising on the disposal of an asset is determined as the difference between the sale pioceeds and the carrying value of the asset. and is recognised in the statement of financial activities for the year. Social housing grant and other grants Where developments have been financed wholly or partly by social housing grant. the amounts ol the grants received are recognised as incoming resoLJrces using the performance model. On the sale ol a property, or If 8nolher relevant event lakes place, social housing grant may become repayable, although 1t Is normally available to be rècyeled and used for a new social housing project approved by the Homes and Communities Agency. The cumulative lolal amount of social housing grant received al 6 April 2024 was£191.111 12023.. £191,111). Ihl Investments Investments listed on a reco9nised stock exchsnge are slated in the balance sheet al their market value. Impairment of fixed assets Al each reporting end dale, the ¢harily reviews the Carrying amounts of its tangible and intangible assets lo determine whether there is any indication that those assets have suffered an impairment loss If any such ind1cation exis15, the iecoverable amount of the asset is eslimaled in order lo determine the exlenl of the impairment Ioss (if any).
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Icontinuedl Year ended 6 April 2024 PRINCIPAL ACCOUNTING POLICIES Icontd.) Recoverable amount is the higher of fair value less costs lo sell 2nd value In use. In sssessing value in use, the estimated future cash flows are discounted lo their present valLJe using a pre-tax discount rale that reflects current rllarket assessments of the lime value of rlloney and the risks specific to the asset for which the estimates of future cash flows have not been adiu51ed. If the recoverable amount of an asset Is estimated lo be less than f(s carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in incomellexpendilurel lor the year. Ljnless the relevant asset is carried at a revalued amount. In which case the Impairment loss is Irealed as a revaluation decrease. Recognised impairment losses are reversed if. and only If, the reasoris for the impairment loss have ceased lo apply Where an impairment loss subsequently reverses, the cairying amount of the asset is Increased lo the revised estimate of its recoverable 8mounl. but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been re¢ognised forthe asset in prior years A reversal of an irnpairmenl loss is recognised immediately. unless the relevant asset is carried in al a revalued amount, In which case the ieversal of the impairment loss is Irealed as a revalLJalion increase. Financlal instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financia1 instruments. Basic financial inslrLJments are Initially recognised al transaction value and subsequently measured at their settlement valLJe with the exception of debt instruments which are subsequently measured al amortised cost using the effeclive interest method. Ikl Value added tax The Chaiily is unable to reclaim any Value Added Tax IVATI it incurs on Its expenditure. This irrecoverable tax is a c05110 the Charity and consequently all figures within these financial stalemenls are stated inclusive of any VAT incurred (unless stated olherwisel. Malor repair costs The Charity capitalises expenditure on housing properties which results in an enhancement of the economic benefit of the asset such as an increase in the nel rental stream over the life of the property. An increase in the nel rental stream may arise through an increase in net rental income, a reduct10n in future maintenance costs, or a significant exiension of the useful life of the property Expenditure on works which does not meet Ihis criteria is written off lo the Slalement of Financial Activities in the year in which il is incuried. This includes expenditure Incurred lo ensure that the property Can maintain ils existing level of nel rental income or the standard of perfoman¢e anticipated when the property was firsl acquired or conslrucled. 10
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Icontinuedl Year ended 6 April 2024 CRITICALACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Charity's accounting policies. the trustees are required lo make judgements, estimates and assumptions about the carryin9 amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assLJmplions are based on h1Storical experience and other factors that are considered lo be relevant. Actual iesulls may differ from these estimates The eslirnales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accoun11ng estimates are recognised in the period In which the estimate is revised where the revision affects only that peiiod, or in the period of the revision and future periods where the revision affects both current and future periods EMOLUMENTS OF TRUSTEES AND SENIOR EXECUTIVE The Iruslee5 of the Gharily receive no remuneration. There were no person5 employed by the charity during the year. An honorarium was paid lo the Clerk lo the Trustees, amounting to £4,28912023' £3.8581. INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Income from investments SURPLUS FOR THE YEAR 2024 2023 Surplus for the year is slated after charging.. Depreciation of owned tangible assets Loss on disposal of owned tangible assets 5,895 2643 5.919 783
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Icontinuedl Year endèd 6 April 2024 TANG18LE FIXED ASSETS Computer Housing Equipment Properties Other Equipment 2024 Total Cost As al 7 April 2023 Addit10ns Disposals 1,567 277,941 13,719 3,331 7,553 287,061 13,719 3,331 As at 6 April 2024 1,567 288,329 7.553 297,449 Depreciation As at 7 April 2023 Charge for the year Depreciation eliminated on disposals 1,567 107,494 5,568 688 6,244 115,305 327 5,895 688 As al 8 April 2024 1,567 112,374 6.571 120,512 Net book value As at 6 April 2024 175,955 982 176,937 As al 6 April 2023 170,447 1,3D9 171.756 FIXED ASSETS - Investments 2024 2023 Listed inve51menls Cash and cash equivalents.. COIF deposit account COIF deposit account- cyclical maintenance fund 114.526 104,074 829 424 18 886 Certain catègories ol investment owned by the charity have been designaled by the Iruslees for particular uses Isee note 141. The listed inveslmenls are valued al market value. Movements in fixed a55et investments Cash Listed Investments Total Cost or valuation At 7 April 2023 Additions Valuation changes Disposals Al 6 April 2024 19.310 14.958 104,074 16.509 11,8401 123,384 31,467 11,8401 22 692 Carrying amount Al 6 April 2024 At 7 April 2023 12
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Icontinuedl Year ended 6 April 2024 2024 2023 DEB TORS: Amounts falling due within one year Prepayments Trade debtors 446 76 307 18 2024 2023 CREDITORS- Amounts falling due within one year Accruals 2024 No. 2023 No. 10. DWELLINGS Almshouses under management al end of year 11. RELATED PARTY TRANSACTIONS Payments made lo the Iruslee. Mrs P Rutterford dLJring the year amounted lo £40 12023.. £6861 for reimbursement of expenses. These transactions took pla¢e under normal commercial terms. 13
PARSON LATHAM'S HOSPITAL IN BARNWELL NOTES TO THE ACCOUNTS Icontinuedl Year ended 6 April 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Designated Endowment funds funds funds Total Fund balances at 6 April 2024 are represented by. Tangible fixed assets Investments Current asselsl Iliabililiesl 983 49,490 175,954 176,937 130,319 80,829 13. DESIGNATED FUNDS Balance at 7 April Transfers Balance at (tol I from 6 April general funds 2023 2024 Cyclical maintenance fund Major repairs fund 44,532 27 329 8,968 53,500 27 329 The amounts shown as designated funds are supported by the specifically designated investments (see note 81 The Iruslees have designated the Charities COIF accumulatOn shares Imarket value £67.47611o the extraordinary repair reserve. The eyclical maintenance fund is supported by a COIF Charities Deposit Fund Ibalance £14,964). The transfers to and from the designated reserves are slated at cost and are agreeol annually by the trustees. 14. ENDOWMENT FUNDS Balance at 7 April 2023 Transfers Depreciation Balance at from and loss on 6 April general disposal 2024 funds of freehold housing properties Permanent endowment fund 170 447 175 954 14
PARSON LATHAM'S HOSPITAL IN BARNWELL Year Ended 6 April 2024 Independent Examiner's Report to the Trustees of Parson Latham's Hospital in Barnwell I report lo the charity trustees on my examination of the accounts of the charity for the year ended 6 April 2024, which are sel out on pages 5 10 14. Respective responsibilities of trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Acl'l. I report in respect of my examination ol the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have l01Sowed all the applieable Directions given by the Ch8rily Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination I confirm that no material mallers have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act". or 2 the accounts do not accord with those records., or 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'lrue 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 lo which attention should be drawn In this report in order to enable 2 proper understanding of the accounts lo be reachèd. K Hilliard ACA FCCA CTA Chartered Accountant For and on behalf of Price Bailey LLP 36 Tyndall Court Commerce Road Lynch Wood Pelerborough PE2 6LR 15