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2023-12-31-accounts

THE DUCHESS OF SOMERSET'S HOSPITAL

REGISTERED CHARITY NO. 202650 HOMES ENGLAND NO. A3036

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE DUCHESS OF SOMERSET'S HOSPITAL

CONTENTS

YEAR ENDED 31 DECEMBER 2023

INDEX

Page
Significant information 1 - 2
Trustees' report 3 - 6
Independent Examiner's report 7
Statement of Comprehensive Income 8
Statement of Changes in Reserves 9
Statement of Financial Position 10
Statement of Cash Flows 11
Notes to the Financial Statements 12 - 19
The following page does not form part of the Statutory accounts
Apportionment of expenses 20

THE DUCHESS OF SOMERSET'S HOSPITAL

SIGNIFICANT INFORMATION

YEAR ENDED 31 DECEMBER 2023

Trustees
Chairman His Grace the Duke of Somerset FRICS
Chairman - Executive Committee Mrs A E Oliver123
Chairman - Finance and Building Committees Mr M Gibson124
Chairman - Pastoral Committee Mrs A E Oliver123
Other trustees Mr C Cooke124
Mr R Nocton14
Dr R Owen-Jones13
Mrs J Cowley1
Mrs H Geary12
Mrs S Cranstone1
1Executive Committee Members
2Finance Committee Members
3Pastoral Committee Members
4Building Committee Members
Officers
Steward Mrs L Caterer
Warden Mrs E Holborow
Address Duchess of Somerset's Hospital
Froxfield
Wiltshire
SN8 3LA
Charity Number 202650
Homes England Number A3036

1

THE DUCHESS OF SOMERSET'S HOSPITAL

SIGNIFICANT INFORMATION (CONTINUED)

YEAR ENDED 31 DECEMBER 2023

Main Advisers

Bankers CAF Bank Ltd Accountants and Independent Examiner David Owen & Co Chartered Accountants 126 High Street Marlborough Wiltshire SN8 1LZ Solicitors The Merriman Partnership Hughenden House 107 High Street Marlborough Wiltshire, SN8 1LN Investment Advisers Charles Stanley & Co. Limited 25 Luke Street London EC2A 4AR Other Advisors Architect and Building Consultant Sidleys Chartered Surveyors 6 King Edward Street Oxford, OX1 4JL General advice re Listed Buildings Almshouse Association Billingbear Lodge Carters Hill Wokingham RG40 5RU Water Services Consultants Whatley & Co (Pewsey) Limited High Trees Salisbury Road Pewsey SN9 5NZ

2

THE DUCHESS OF SOMERSET'S HOSPITAL

TRUSTEES' REPORT

YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and accounts for the year ended 31 December 2023.

Structure, Governance and Management

Governing document

The Charity was founded by the Duchess of Somerset in 1686 and is registered as a Charity with the Charity Commission under a trust deed dated 3 December 1926 - with variations on 26 January 1945, 21 March 1958, 28 September 1966 and 18 January 1991.

The Charity is also registered with Homes England and is a member of the National Association of Almshouses.

Recruitment and appointment of Trustees

When considering new Trustees, regard is given to the range of skills held by Trustees so as to encompass a broad mix of financial, legal, property, business and caring skills.

When appointing new Trustees, the Trustees have regard to the guidance issued by the Charity Commission and the Homes England for their induction and training.

Organisation structure

There are half yearly meetings of the full Trustees with half yearly Executive Committee meetings and a Finance Committee which meets twice a year. Ad hoc subcommittees are set up for specific projects, or Trustees with specific knowledge are requested to write papers for Trustees consideration.

Day to day administration matters are dealt with by the Steward and the Chairman of the Executive Committee.

Risk management

The Trustees have conducted a review of the major risks to which the Charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. The Trustees consider one of the Charity's main risks to be the health and safety of it's residents. To this end a detailed health and safety assessment of the property and grounds was carried out and has been used to develop systems and procedures so as to minimise the risk to residents wherever possible.

Code of Governance

The Charity has adopted the National Housing Federation's Code of Governance: Promoting Board Excellence for Housing Associations (2020 edition) and is committed to uphold it and keep the high standards expected.

Principal activities, aims and organisation

The Charity provides sheltered self-contained accommodation to able bodied women normally between the ages of 55 and 80 on initial occupation.

The Charity employs a resident warden. It also operates a system of home visits to residents and arranges for visiting clergy to perform services in the Charity's chapel.

The Trustees operate a discretionary convalescent fund to assist residents in need of short term convalescent/nursing care or ex-residents in need of assistance towards the cost of nursing home fees.

3

THE DUCHESS OF SOMERSET'S HOSPITAL

TRUSTEES' REPORT (continued)

YEAR ENDED 31 DECEMBER 2023

Principal activities, aims and organisation (continued)

The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the Charity should undertake.

Developments, activities and achievements during the year

The Charity has had a fulfilling year. Only one cottage was vacated during the year and a new resident was appointed. During 2023, £90,047 was spent on non routine repairs and maintenance compared to £40,324 in the previous year. The major costs in the year were £22,000 on the Clock Tower, £15,000 on a new chimney and flue system for the biomass boiler and £16,000 on repointing and damp proofing walls. Due to the very hot and dry summer we switched off our biomass boiler as we suffered from smoke billowing around. However, the Renewable Heat Incentive payment has more than covered the costs of work.

The Charity Wood suffered in the 2022 drought and will require some replanting. The Woodland Trust has stated it will continue to support the development of the wood. The permissive footpath has been much used by the village and residents. The gardens and orchard are beautifully tended by the groundsman.

Operational costs, excluding non routine maintenance, were £327,450 compared to £292,463 in 2022. The Charity showed an operating deficit of £114,647 compared to a deficit in 2022 of £43,531. Investment income fell slightly to £21,583 (2022 - £22,907). After investment income there was a deficit for the year of £73,993 compared to a deficit in 2022 of £7,695. Sales of £56,379 (2022: £53.444) were made from the investment portfolio to pay for exttraordinary maintenance but after an unrealised gain in value of £61,795 (2022: £55,302 loss) the portfolio value as at the year end was £706,656. (2022: £701,317), Our total comprehensive deficit for the year was £12,198 compared to a deficit in 2022 of £62,997.

Value for Money

The Charity is committed to delivering value for money and believes it is more than just saving money. It is about a balance between costs, efficiency and quality. The Charity's main focus is to provide good quality accommodation for its residents using suppliers that are economical, work efficiently, provide good quality results and with which the elderly tenants feel comfortable.

The Regulator of Social Housing has defined seven value for money metrics which all housing associations must report on. These are:

Reinvestment The Charity is not currently looking to purchase any new properties. In addition the work carried out in the year to current properties has not been capital in nature. This metric therefore does not currently apply. New supply As above, this metric does not currently apply. Gearing The Charity's gearing ratio is currently (69)% (2022 - (77)%). The ratio is negative due to the Charity not currently having any borrowings. EBITDA MRI Interest Cover As the Charity does not currently have any borrowings this metric does not apply. Headline Social Housing Cost The Charity's headline social housing cost is £7,749 per unit (2022 £6,023). This metric has risen due to the substantial repairs carried out in the the year. Operating margin The Charity's operating margin for the year was (41.64)% (2022 - (16.76)%)

4

THE DUCHESS OF SOMERSET'S HOSPITAL

TRUSTEES' REPORT (continued)

YEAR ENDED 31 DECEMBER 2023

Value for Money (continued)

Return on capital employed

The Charity's return on capital employed metric for the year was (7.66)% (2021 - (2.87)%).

Trustees

The Trustees are dedicated to the wellbeing of the Charity’s residents and its building. The Trustees have a diverse set of skills and operate a number of sub committees dedicated to different aspects of the life of the Charity. There are currently 10 trustees.

Reserves policy

The Trustees believe that its Free Reserves, that is funds not committed towards future repairs reserves or invested in Tangible Fixed Assets, should equate to no less than 6 months operational expenditure.

Investment policy

In 2009 the Trustees reviewed the Charity's investment strategy and concluded that the investments should be managed on a total return basis. The Trustees consider this approach to still be appropriate.

The Trustees believe that in the light of the current investment returns, possible future repair requirements and remaining costs in relation to the replacement boiler, that its current cash balances should continue to be held on short term deposits.

Charles Stanley & Co. Limited act as independent Financial Advisors to the Trustees.

Trustees' responsibility for the accounts

The Trustees are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP), including FRS102 `The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The law applicable to Charities and Housing Association's in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to:

5

THE DUCHESS OF SOMERSET'S HOSPITAL

TRUSTEES' REPORT (continued)

YEAR ENDED 31 DECEMBER 2023

Trustees' responsibility for the accounts (continued)

The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the Charity's transactions and to disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that any statements of account comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the Housing SORP 2018: Statement of Recommended Practice for Social Housing issued by the National Housing Federation. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website.

Approved by the Trustees on 8 April 2024 and signed on their behalf by:

M Gibson Chairman - Finance Committee

6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

THE DUCHESS OF SOMERSET'S HOSPITAL

YEAR ENDED 31 DECEMBER 2023

I report to the trustees on my examination of the financial statements of The Duchess of Somerset's Hospital (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act) and the Housing SORP 2018: Statement of Recommended Practice for Social Housing issued by the National Housing Federation.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ICAEW.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records.

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 financial statements to be reached.

Mrs A R Atkins BSc FCA David Owen & Co Chartered Accountants 126 High Street Marlborough Wiltshire SN8 1LZ

Date:

7

THE DUCHESS OF SOMERSET'S HOSPITAL

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes 2023 2022
£ £ £ £
TURNOVER
Income
Maintenance contributions from residents 284,004 263,424
Less: Losses from voids (8,689) (3,620)
275,315 259,804
OPERATING INCOME 27,535 29,452
OPERATING EXPENDITURE
Services 189,126 161,679
Management 56,576 46,376
Repairs and servicing 43,962 46,747
Extraordinary maintenance 90,047 40,324
Depreciation 37,032 37,661
Deficit / (surplus) on disposal of tangible assets 754 -
(417,497) (332,787)
OPERATING DEFICIT (114,647) (43,531)
Surplus / (deficit) on investment disposals 1,953 (966)
Release of deferred capital grant re property 3,960 3,960
Release of deferred capital grant re plant 2,880 2,880
Deficit on ordinary activities before interest and taxation (105,854) (37,657)
Interest receivable and other income 5 34,200 32,341
Investment expenses (2,339) (2,379)
DEFICIT FOR THE YEAR 6 (73,993) (7,695)
Unrealised surplus/(deficit) on investments 61,795 (55,302)
TOTAL COMPREHENSIVE DEFICIT FOR THE YEAR (12,198) (62,997)

The Duchess of Somerset's Hospital has not acquired or discontinued any fundamental activities during the above two financial years.

8

THE DUCHESS OF SOMERSET'S HOSPITAL

STATEMENT OF CHANGES IN RESERVES

FOR THE YEAR ENDED 31 DECEMBER 2023

Deficit for the year
Transfer from Investments revaluation reserve
Transfer to Investment realised reserve
Unrealised gain in the year
Carried forward as at 31 December 2023
stated
Deficit for the year
Transfer from Investments revaluation reserve
Transfer to Investment realised reserve
Unrealised loss in the year
Carried forward as at 31 December 2022
Brought forward as at 1 January 2023
Brought forward as at 1 January 2022 as previously		 Investments
revaluation
reserve
Investments
realised
reserve
Unrestricted
general fund
2023
£
£
£
£
167,655
387,403
716,879
1,271,937
-
-
(73,993)
(73,993)
3,401
(3,401)
-
-
-
1,952
(1,952)
-
61,795
-
-
61,795
232,851
385,954
640,934
1,259,739
Note 14
Investments
revaluation
reserve
Investments
realised
reserve
Unrestricted
general fund
2022
£
£
£
£
227,609
383,717
723,608
1,334,934
-
-
(7,695)
(7,695)
(4,652)
4,652
-
-
-
(966)
966
-
(55,302)
-
-
(55,302)
167,655
387,403
716,879
1,271,937

9

THE DUCHESS OF SOMERSET'S HOSPITAL

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

Notes
FIXED ASSETS
Housing properties
7
Other fixed assets
Cost
8
Less: Accumulated depreciation
8
Investments
9
CURRENT ASSETS
Trade and other debtors
10
Cash at bank and in hand
11
Less:
Creditors: Amounts falling due within one
year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: Amounts falling due after more than
one year
13
NET ASSETS
CAPITAL AND RESERVES
Income and expenditure account
14
Investments realised reserve
Page 8
Investments revaluation reserve
Page 8		 £
£
£
£
612,988
620,988
422,499
431,874
(306,384)
(286,760)
116,115
145,114
706,656
701,317
1,435,759
1,467,419
40,644
30,086
52,092
60,198
92,736
90,284
(31,430)
(41,600)
61,306
48,684
1,497,065
1,516,103
(237,326)
(244,166)
1,259,739
1,271,937
640,934
716,879
385,954
387,403
232,851
167,655
1,259,739
1,271,937
2023
2022		 £
£
£
£
612,988
620,988
422,499
431,874
(306,384)
(286,760)
116,115
145,114
706,656
701,317
1,435,759
1,467,419
40,644
30,086
52,092
60,198
92,736
90,284
(31,430)
(41,600)
61,306
48,684
1,497,065
1,516,103
(237,326)
(244,166)
1,259,739
1,271,937
640,934
716,879
385,954
387,403
232,851
167,655
1,259,739
1,271,937
2023
2022
1,516,103
(244,166)
1,271,937
716,879
387,403
167,655
1,271,937

The financial statements on pages 7 to 19 were approved by the Trustees on 8 April 2024 and signed on their behalf by:

His Grace The Duke of Somerset Chairman

M Gibson Chairman - Finance Committee

10

THE DUCHESS OF SOMERSET'S HOSPITAL

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Net cash generated from operating activities (See Note 1)
Cash flow from investing activities
Purchase of tangible fixed assets
Proceeds from sale of fixed assets
Purchase of investments
Proceeds from sale of investments
Investment income received
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
Note 1
Cash flow from operating activities
Total comprehensive (deficit) / income for the year
Adjustment for non-cash items:
Unrealised (surplus)/deficit on investment
Depreciation of tangible fixed assets
(Profit)/loss on disposal of tangible assets
Amortisation of government grants
Decrease/(Increase) in trade and other debtors
Increase/(decrease) in trade creditors and other creditors
Adjustments for investing or financing activities:
(Profit)/loss on disposal of investments
Investment income receivable
Note 2
Cash and cash equivalents
Cash included in investments
Cash at bank and in hand		 2023
£
(87,753)
(787)
-
(251)
56,379
22,026
(10,386)
86,256
75,870
(12,198)
(61,795)
37,032
754
(6,840)
(10,558)
(10,169)
(1,953)
(22,026)
(87,753)
23,778
52,092
75,870		 2022
£
41,199
(59,703)
-
(27,236)
53,444
23,040
30,744
55,512
86,256
(62,997)
55,302
37,661
-
(6,840)
26,971
13,176
966
(23,040)
41,199
26,058
60,198
86,256

11

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

The Financial Statements have been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011 and the Housing SORP 2018: Statement of Recommended Practice for Social Housing issued by the National Housing Federation.

The Charity constitutes a public benefit entity as defined by FRS 102.

a. Basis of accounting and going concern

The Financial Statements are prepared on the historical cost basis of accounting.

At the time of approving the financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future. The trustees are mindful that these financial statements have been approved at a time when the coronavirus pandemic is affecting many charities. However as the charity is not reliant on donations this is not considered to result in any material uncertainties.

b. Turnover

Turnover represents maintenance contributions receivable.

c. Housing properties

The Duchess of Somerset 's Hospital was constructed in the Eighteenth Century and there is no record of the original cost and no value is attributed thereto. The Housing Properties cost relates to improvements carried out since 1981 which were funded by a Housing Corporation Grant; a mortgage loan from the Housing Corporation secured by a charge on housing, land and buildings and from the Duchess of Somerset's Hospital's own resources. Depreciation is charged at 1% per annum on the straight line basis so as to write the cost of improvements off over their expected useful economic lives.

d. Other fixed assets

Tangible fixed assets other than housing properties are stated at cost.

Depreciation is calculated so as to write off the cost of other fixed assets on the reducing balance basis over the expected useful economic lives of the assets concerned. The principal annual rate for this purpose which is consistent with that of the previous year's is:

Fixtures and fittings 15% per annum Plant and machinery Over 15 years

e. Social Housing Grant

Social Housing Grants (SHG) were paid by the Housing Corporation to reduce the cost of development. These are recognised as income on a systematic basis over the expected useful life of the housing property structure. SHG are repayable under certain circumstances, primarily following the sale of the property but will normally be restricted to net proceeds of sale.

12

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

f. Other Grants

The other grants received related to the cost of development of the biomass boiler. These are recognised as income on a systematic basis over the expected useful life of the asset.

g. Capitalisation of interest

Interest on the mortgage loan financing a development is capitalised up to the date of practical completion of the scheme.

h. Investments

Investments held as fixed assets are revalued at their mid-market value at the Balance Sheet date and the gain or loss taken to the Statement of comprehensive income.

i. Repairs and servicing

The Duchess of Somerset's Hospital has established a regular programme of repairs and servicing. Costs are charged to the Income and expenditure account in the year in which they are incurred.

j. Work to existing housing properties

Works which result in an enhancement of economic benefit to properties are deemed to be improvements and are capitalised. Expenditure is also capitalised where it represents the replacement or restoration of an item that has been treated separately and depreciated over its economic life.

k. Unrestricted funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Charity without further specified purpose and are available as general funds.

l. Designated reserves

Designated reserves are unrestricted funds earmarked by the Trustees for particular purposes.

m. Restricted funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

n. Extraordinary repairs reserve

The extraordinary repairs reserve represents amounts set aside to carry out major repairs on Housing and amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure.

o. Convalescent and benefits fund

This fund represents amounts set aside to assist residents in need of short term convalescent/nursing care or ex-residents in need of assistance towards the costs of nursing home fees.

13

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

p. Value added tax

The Duchess of Somerset's Hospital is not registered for VAT. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.

q. Apportionment of expenses

Costs relating specifically to the provisions of Services, Management and Repairs are apportioned directly to these headings in the Income and Expenditure account. Finance and Administration (Overhead) costs are apportioned between Management and Service Costs on the basis that 50% of the Finance and Administration Costs are attributable to Service Costs and the balance to Management.

2. TAXATION

The Duchess of Somerset's Hospital is a registered Charity and is therefore exempt from liability to taxation on its Income and Capital Gains.

3. PAYMENT TO TRUSTEES

The Senior Executives of the charity are its Trustees and the Steward to the Trustees.

No payment of fees or other remuneration were made during the year to any Trustee.

Expenses totalling £1,559 (2022 - £3,223) have been reimbursed to Trustees during the year.

4. EMPLOYEE INFORMATION

The average weekly number of persons
employed during the year was -
Warden
Steward and other staff
Wages and salaries
Social security costs
Pension costs		 2023
No.
1
1
£
60,178
6,229
1,805
68,212		 2022
No.
1
1
£
50,911
4,996
1,527
57,434

No employee receives emoluments in excess of £60,000.

14

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTEREST RECEIVABLE AND OTHER INCOME

5.
INTEREST RECEIVABLE AND OTHER INCOME
2023
£
Bank deposit interest
443
Investment income
21,583
22,026
Rent from land
800
Other income
11,374
34,200
6.
DEFICIT ON ORDINARY ACTIVITIES BEFORE TAXATION
2023
Deficit on Ordinary activities before taxation
£
is stated after charging -
Depreciation - Tangible fixed assets
37,032
Independent examiners fees (including VAT)
-
In their capacity as independent examiners
1,900
-
In respect of other services
7,996
7.
HOUSING PROPERTIES - Freehold
COST
At 1 January 2023 as restated
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023 as restated
Charge for the year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022 as restated
Investments are managed on a total return basis.		 2022
£
133
22,907
23,040
755
8,546
32,341
2022
£
37,661
1,845
7,433
Housing
Properties
£
800,019
-
800,019
179,031
8,000
187,031
612,988
620,988

15

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

7. HOUSING PROPERTIES - Freehold (continued)

The Duchess of Somerset's Hospital was constructed in the Eighteenth Century. There is no record of the original cost and no value is attributed thereto. The above amounts relate to improvements carried out since 1981, which were funded by Housing Corporation Grants of £395,900 and Residual Mortgage Loans of £37,466 which have now been fully repaid. The balance was provided from the Duchess of Somerset's Hospital's own resources.

8. OTHER FIXED ASSETS

COST
At 1 January 2023 as restated
Additions
Disposals
At 31 December 2023
DEPRECIATION
At 1 January 2023 as restated
Charge for the year
Disposals
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
FIXED ASSET INVESTMENTS
Share portfolio at 31 December
Cash held		 Plant and
machinery
Fixtures and
fittings
Total
£
£
£
327,927
103,947
431,874
-
787
787
-
(10,162)
(10,162)
327,927
94,572
422,499
240,938
45,822
286,760
21,634
7,398
29,032
-
(9,408)
(9,408)
262,572
43,812
306,384
65,355
50,760
116,115
86,989
58,125
145,114
2023
2022
2023
2022
£
£
£
£
682,878
675,259
450,027
507,604
23,778
26,058
23,778
26,058
Market value
Cost		 Plant and
machinery
Fixtures and
fittings
Total
£
£
£
327,927
103,947
431,874
-
787
787
-
(10,162)
(10,162)
327,927
94,572
422,499
240,938
45,822
286,760
21,634
7,398
29,032
-
(9,408)
(9,408)
262,572
43,812
306,384
65,355
50,760
116,115
86,989
58,125
145,114
706,656
701,317
473,805
533,662

9. FIXED ASSET INVESTMENTS

These listed investments are managed on a total return basis by Charles Stanley & Co. Limited.

16

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

10. DEBTORS

Arrears of maintenance contributions
Prepayments and accrued income
Other debtors
11.
CASH AT BANK AND IN HAND & CASH EQUIVALENT
General funds
Extraordinary repair fund
Convalescent and benefit fund
12.
CREDITORS: Amounts falling due within one year
Maintenance contributions received in advance
Accruals
Other creditors
Deferred capital grants re property
Deferred capital grants re plant
13.
CREDITORS: Amounts falling due after more than one
Deferred capital grants re property
Deferred capital grants re plant		 2023
£
2,309
32,921
5,414
40,644
2023
£
10,092
35,251
6,749
52,092
2023
£
36
21,390
3,164
3,960
2,880
31,430
year
2023
£
234,434
2,892
237,326		 2022
£
2,164
24,393
3,529
30,086
2022
£
13,556
39,893
6,749
60,198
2022
£
14
31,348
3,398
3,960
2,880
41,600
2022
£
238,394
5,772
244,166

17

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

14. UNRESTRICTED GENERAL FUND

Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2023
£
£
£
£
Balance at 1 January 2023
180,109
530,021
6,749
716,879
Deficit for the year
(73,993)
-
-
(73,993)
Transfer to Investment realised reserve
(1,952)
-
-
(1,952)
Transfer from Income & expenditure account
29,803
(29,803)
-
-
Balance at 31 December 2023
133,967
500,218
6,749
640,934
Transfer from/(to) Income & expenditure account
Repair provision transfers
41,000
-
41,000
Investment income
21,583
-
21,583
Investment expenses
(2,339)
-
(2,339)
Less: Expenditure
(90,047)
-
(90,047)
(29,803)
-
(29,803)
Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2022
£
£
£
£
Balance at 1 January 2022
208,042
508,817
6,749
723,608
Deficit for the year
(7,695)
-
-
(7,695)
Transfer to Investment realised reserve
966
-
-
966
Transfer from Income & expenditure account
(21,204)
21,204
-
-
Balance at 31 December 2022
180,109
530,021
6,749
716,879
Transfer from/(to) Income & expenditure account
Repair provision transfers
41,000
-
41,000
Investment income
22,907
-
22,907
Investment expenses
(2,379)
-
(2,379)
Less: Expenditure
(40,324)
-
(40,324)
21,204
-
21,204
Designated Funds
Designated Funds		 Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2023
£
£
£
£
180,109
530,021
6,749
716,879
(73,993)
-
-
(73,993)
(1,952)
-
-
(1,952)
29,803
(29,803)
-
-
Designated Funds		 Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2023
£
£
£
£
180,109
530,021
6,749
716,879
(73,993)
-
-
(73,993)
(1,952)
-
-
(1,952)
29,803
(29,803)
-
-
Designated Funds		 Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2023
£
£
£
£
180,109
530,021
6,749
716,879
(73,993)
-
-
(73,993)
(1,952)
-
-
(1,952)
29,803
(29,803)
-
-
Designated Funds
133,967 500,218
6,749
640,934
41,000
-
41,000
21,583
-
21,583
(2,339)
-
(2,339)
(90,047)
-
(90,047)
(29,803)
-
(29,803)
180,109
530,021
6,749
716,879
41,000
-
41,000
22,907
-
22,907
(2,379)
-
(2,379)
(40,324)
-
(40,324)
21,204
-
21,204

18

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

15 CAPITAL COMMITMENTS

At 31 December 2023 and 2022, there were no known capital commitments.

16 CONTINGENT LIABILITIES

At 31 December 2023 and 2022, there were no known contingent liabilities.

17 PAYMENTS TO CREDITORS

Payments are made to creditors within 30 days of receipt of invoice.

18 UTILISATION OF COTTAGES

The charity operates 50 units of accommodation, 49 of which are occupied by residents with 1 unit being available for use as a guest flat for residents' visitors.

19 RELATED PARTIES

The Charity is supplied with electricity via a farm buyers group of which Mr M Gibson, a trustee, is a member. Invoices are received and paid by Mr M Gibson and then recharged to the Charity. The costs recharged in the year were £24,179 (2022 - £14,192). During the year an overpayment of £494 (2022: nil) was made to Mr Gibson which has been repaid to the Charity in 2024.

19

THE DUCHESS OF SOMERSET'S HOSPITAL

APPORTIONMENT OF EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2023

SALARIES AND STAFF EXPENSES
Warden (75% : 25%)
Steward & secretarial
Chaplain
Warden call cover
ESTABLISHMENT EXPENSES
Central heating fuel
Property insurance
General and water rates
Electricity charges
Garden expenses
Website and computer costs
GENERAL EXPENSES
Convalescent contributions etc.
Telephone charges less receipts
Accountancy
Administration and stationery
General expenses
Professional fees
Trustee expenses
TOTAL EXPENSES		 Total
Services
Total
Services
£
£
£
£
£
£
33,844
25,383
8,461
30,689
23,017
7,672
34,368
-
34,368
26,745
26,745
3,759
3,759
-
3,744
3,744
6,880
6,880
-
7,363
7,363
79,156
79,156
-
66,117
66,117
11,665
11,665
-
10,313
10,313
4,885
4,885
-
2,167
2,167
23,404
23,404
-
14,682
14,682
17,422
17,422
-
17,098
17,098
372
372
-
1,432
1,432
2,450
2,450
-
3,784
3,784
2,853
1,427
1,426
3,312
1,656
1,656
9,896
4,948
4,948
9,278
4,639
4,639
795
398
397
299
150
149
4,256
2,128
2,128
6,199
3,100
3,099
9,097
4,549
4,548
4,233
2,117
2,116
600
300
300
600
300
300
245,702
189,126
56,576
208,055
161,679
46,376
Manage -
ment
2023
2022
Manage -
ment

20