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2024-12-31-accounts

THE DUCHESS OF SOMERSET'S HOSPITAL

REGISTERED CHARITY NO. 202650 HOMES ENGLAND NO. A3036

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE DUCHESS OF SOMERSET'S HOSPITAL

CONTENTS

YEAR ENDED 31 DECEMBER 2024

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 2024

Trustees Chairman Chairman - Executive Committee Chairman - Finance and Building Committees Chairman - Pastoral Committee Other trustees

His Grace the Duke of Somerset FRICS Mrs A E Oliver[123] Mr M Gibson[124] Mrs A E Oliver[123] Mr C Cooke[124] (resigned 8 April 2024) Mr R Nocton[14] Dr R Owen-Jones[13 ] Mrs J Cowley[13 ] Mrs H Geary[12] (resigned 15 July 2024) Mrs S Cranstone[13 ] Mr G Montgomery[124] (appointed 8 April 2024)

1 Executive 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 2024

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

Sidleys Chartered Surveyors 6 King Edward Street Oxford, OX1 4JL Almshouse Association Billingbear Lodge Carters Hill Wokingham RG40 5RU Whatley & Co (Pewsey) Limited High Trees Salisbury Road Pewsey SN9 5NZ

2

THE DUCHESS OF SOMERSET'S HOSPITAL

TRUSTEES' REPORT

YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and accounts for the year ended 31 December 2024.

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 2024

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

One cottage was vacated during the year and a new resident was appointed. During 2024, £114,465 was spent on non routine repairs and maintenance compared to £90,047 in the previous year. The major cost in the year was £83,182 on the East roof.

Operational costs, excluding non routine maintenance, were £308,749 compared to £327,450 in 2023. The Charity showed an operating deficit of £105,728 after the extraordinary maintenance costs compared to a deficit in 2023 of £114,647. Taking the results before extraordinary maintenance costs, the charity showed a surplus of £8,737 compared to a deficit in 2023 of £24,600. Investment income fell slightly to £19,740 (2023 - £21,583). After investment income there was a deficit for the year of £66,054 compared to a deficit in 2023 of £73,993. Sales of £60,361 (2023: £56,379) were made from the investment portfolio to pay for extraordinary maintenance but after an unrealised gain in value of £10,116 (2023: £61,795 gain) the portfolio value as at the year end was £653,648. (2023: £706,656), Our total comprehensive deficit for the year was £55,938 compared to a deficit in 2023 of £12,198.

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 minus 16% (2023 - minus 12%). 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 (2023 £6,023).
This metric has risen due to the substantial repairs carried out during the
year.
Operating margin The Charity's operating margin for the year was minus 34.86% (2023 -
minus 41.64%)

4

THE DUCHESS OF SOMERSET'S HOSPITAL

TRUSTEES' REPORT (continued)

YEAR ENDED 31 DECEMBER 2024

Value for Money (continued)

Return on capital employed

The Charity's return on capital employed metric for the year was minus 7.37% (2023 - minus 7.66%).

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 8 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 2024

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

Approved by the Trustees on 7 April 2025 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 2024

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 2024.

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; 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: 15 May 2025

7

THE DUCHESS OF SOMERSET'S HOSPITAL

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes 2024 2023
£ £ £ £
TURNOVER
Income
Maintenance contributions from residents 304,878 284,004
Less: Losses from voids (1,576) (8,689)
303,302 275,315
OPERATING INCOME 14,184 27,535
OPERATING EXPENDITURE
Services 175,219 189,126
Management 57,137 56,576
Repairs and servicing 39,797 43,962
Extraordinary maintenance 114,465 90,047
Depreciation 36,596 37,032
Deficit / (surplus) on disposal of tangible assets - 754
(423,214) (417,497)
OPERATING DEFICIT (105,728) (114,647)
Surplus / (deficit) on investment disposals 2,616 1,953
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 (96,272) (105,854)
Interest receivable and other income 5 32,431 34,200
Investment expenses (2,213) (2,339)
DEFICIT FOR THE YEAR 6 (66,054) (73,993)
Unrealised surplus/(deficit) on investments 10,116 61,795
TOTAL COMPREHENSIVE DEFICIT FOR THE YEAR (55,938) (12,198)

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 2024

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 2024
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 2023
Brought forward as at 1 January 2024
Brought forward as at 1 January 2023 as previously		 Investments
revaluation
reserve
Investments
realised
reserve
Unrestricted
general fund
2024
£
£
£
£
232,851
385,954
640,934
1,259,739
-
-
(66,054)
(66,054)
(26,058)
26,058
-
-
-
2,617
(2,617)
-
10,116
-
-
10,116
216,909
414,629
572,263
1,203,801
Note 14
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

9

THE DUCHESS OF SOMERSET'S HOSPITAL

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

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 9
Investments revaluation reserve
Page 9		 £
£
£
£
604,988
612,988
423,204
422,500
(334,981)
(306,385)
88,223
116,115
653,648
706,656
1,346,859
1,435,759
29,522
40,644
86,479
52,092
116,001
92,736
(28,573)
(31,430)
87,428
61,306
1,434,287
1,497,065
(230,486)
(237,326)
1,203,801
1,259,739
572,263
640,934
414,629
385,954
216,909
232,851
1,203,801
1,259,739
2024
2023		 £
£
£
£
604,988
612,988
423,204
422,500
(334,981)
(306,385)
88,223
116,115
653,648
706,656
1,346,859
1,435,759
29,522
40,644
86,479
52,092
116,001
92,736
(28,573)
(31,430)
87,428
61,306
1,434,287
1,497,065
(230,486)
(237,326)
1,203,801
1,259,739
572,263
640,934
414,629
385,954
216,909
232,851
1,203,801
1,259,739
2024
2023
1,497,065
(237,326)
1,259,739
640,934
385,954
232,851
1,259,739

The financial statements on pages 7 to 19 were approved by the Trustees on 7 April 2025 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 2024

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		 2024
£
(50,962)
(704)
-
(10,574)
60,361
20,312
18,433
75,870
94,303
(55,938)
(10,116)
36,596
-
(6,840)
11,122
(2,857)
(2,617)
(20,312)
(50,962)
7,824
86,479
94,303		 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

11

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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 10% straight line and 15% reducing balance 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 2024

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

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

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

13

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 all sources of income are used for charitable purposes. It 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 £1,222 (2023 - £1,559) 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		 2024
No.
1
1
£
64,535
6,727
1,936
73,198		 2023
No.
1
1
£
60,178
6,229
1,805
68,212

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 2024

5. INTEREST RECEIVABLE AND OTHER INCOME

2024
£
Bank deposit interest
572
Investment income
19,740
20,312
Rent from land
1,000
Other income
11,119
32,431
6.
DEFICIT ON ORDINARY ACTIVITIES BEFORE TAXATION
2024
Deficit on Ordinary activities before taxation
£
is stated after charging -
Depreciation - Tangible fixed assets
36,596
Independent examiners fees (including VAT)
-
In their capacity as independent examiners
2,060
-
In respect of other services
8,675
7.
HOUSING PROPERTIES - Freehold
COST
At 1 January 2024 as restated
Additions
At 31 December 2024
DEPRECIATION
At 1 January 2024 as restated
Charge for the year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
Investments are managed on a total return basis.		 2023
£
443
21,583
22,026
800
11,374
34,200
2023
£
37,032
1,900
7,996
Housing
Properties
£
800,019
-
800,019
187,031
8,000
195,031
604,988
612,988

15

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 amounts included relate to improvements carried out since 1981, some of which were funded by Housing Corporation Grants of £395,900. These grants are being written off over 100 years in line with the depreciation policy.

8. OTHER FIXED ASSETS

COST
At 1 January 2024 as restated
Additions
Disposals
At 31 December 2024
DEPRECIATION
At 1 January 2024 as restated
Charge for the year
Disposals
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
9.
FIXED ASSET INVESTMENTS
Share portfolio at 31 December
Cash held		 Plant and
machinery
Fixtures and
fittings
Total
£
£
£
327,927
94,573
422,500
-
704
704
-
-
-
327,927
95,277
423,204
262,572
43,813
306,385
21,634
6,962
28,596
-
-
-
284,206
50,775
334,981
43,721
44,502
88,223
65,355
50,760
116,115
2024
2023
2024
2023
£
£
£
£
645,824
682,878
428,915
450,027
7,824
23,778
7,824
23,778
Market value
Cost		 Plant and
machinery
Fixtures and
fittings
Total
£
£
£
327,927
94,573
422,500
-
704
704
-
-
-
327,927
95,277
423,204
262,572
43,813
306,385
21,634
6,962
28,596
-
-
-
284,206
50,775
334,981
43,721
44,502
88,223
65,355
50,760
116,115
653,648
706,656
436,739
473,805

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 2024

10. DEBTORS

2024
£
Arrears of maintenance contributions
2,366
Prepayments and accrued income
21,709
Other debtors
5,447
29,522
11.
CASH AT BANK AND IN HAND & CASH EQUIVALENT
2024
£
General funds
17,092
Extraordinary repair fund
62,638
Convalescent and benefit fund
6,749
86,479
12.
CREDITORS: Amounts falling due within one year
2024
£
Maintenance contributions received in advance
765
Accruals
17,868
Other creditors
3,100
Deferred capital grants re property
3,960
Deferred capital grants re plant
2,880
28,573
13.
CREDITORS: Amounts falling due after more than one year
2024
£
Deferred capital grants re property
230,474
Deferred capital grants re plant
12
230,486		 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
2023
£
234,434
2,892
237,326

17

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

14. UNRESTRICTED GENERAL FUND

Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2024
£
£
£
£
Balance at 1 January 2024
133,967
500,218
6,749
640,934
Deficit for the year
(66,054)
-
-
(66,054)
Transfer to Investment realised reserve
(2,617)
-
-
(2,617)
Transfer from Income & expenditure account
39,938
(39,938)
-
-
Balance at 31 December 2024
105,234
460,280
6,749
572,263
Transfer from/(to) Income & expenditure account
Repair provision transfers
57,000
-
57,000
Investment income
19,740
-
19,740
Investment expenses
(2,213)
-
(2,213)
Less: Expenditure
(114,465)
-
(114,465)
(39,938)
-
(39,938)
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)
Designated Funds
Designated Funds		 Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2024
£
£
£
£
Balance at 1 January 2024
133,967
500,218
6,749
640,934
Deficit for the year
(66,054)
-
-
(66,054)
Transfer to Investment realised reserve
(2,617)
-
-
(2,617)
Transfer from Income & expenditure account
39,938
(39,938)
-
-
Balance at 31 December 2024
105,234
460,280
6,749
572,263
Transfer from/(to) Income & expenditure account
Repair provision transfers
57,000
-
57,000
Investment income
19,740
-
19,740
Investment expenses
(2,213)
-
(2,213)
Less: Expenditure
(114,465)
-
(114,465)
(39,938)
-
(39,938)
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)
Designated Funds
Designated Funds		 Income
Extra-
Convales-
&
ordinary
cent and
Expenditure
Repairs
Benefits
Account
Reserve
Fund
2024
£
£
£
£
Balance at 1 January 2024
133,967
500,218
6,749
640,934
Deficit for the year
(66,054)
-
-
(66,054)
Transfer to Investment realised reserve
(2,617)
-
-
(2,617)
Transfer from Income & expenditure account
39,938
(39,938)
-
-
Balance at 31 December 2024
105,234
460,280
6,749
572,263
Transfer from/(to) Income & expenditure account
Repair provision transfers
57,000
-
57,000
Investment income
19,740
-
19,740
Investment expenses
(2,213)
-
(2,213)
Less: Expenditure
(114,465)
-
(114,465)
(39,938)
-
(39,938)
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)
Designated Funds
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)

18

THE DUCHESS OF SOMERSET'S HOSPITAL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

15 CAPITAL COMMITMENTS

At 31 December 2024 and 2023, there were no known capital commitments.

16 CONTINGENT LIABILITIES

At 31 December 2024 and 2023, 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 £14,279 (2023 - £24,179).

19

THE DUCHESS OF SOMERSET'S HOSPITAL

APPORTIONMENT OF EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2024

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
£
£
£
36,252
27,189
9,063
36,946
-
36,946
3,653
3,653
-
13,570
13,570
-
59,995
59,995
-
12,606
12,606
-
4,267
4,267
-
20,828
20,828
-
18,918
18,918
-
347
347
-
2,715
2,715
-
2,769
1,385
1,384
10,735
5,368
5,367
888
444
444
5,446
2,723
2,723
1,821
911
910
600
300
300
232,356
175,219
57,137
Manage -
ment
2024		 Total
Services
£
£
£
33,844
25,383
8,461
34,368
34,368
3,759
3,759
-
6,880
6,880
-
79,156
79,156
-
11,665
11,665
-
4,885
4,885
-
23,404
23,404
-
17,422
17,422
-
372
372
-
2,450
2,450
-
2,853
1,427
1,426
9,896
4,948
4,948
795
398
397
4,256
2,128
2,128
9,097
4,549
4,548
600
300
300
2023
Manage -
ment
245,702
189,126
56,576

20