## **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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the applicable Charities SORP and Housing SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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