DORMERS HOSPITAL CHARITY STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
DORMERS HOSPITAL CHARITY CHARITY INFORMATION Truste88 R Barber C Collier (reslgned 8 July 20231 C R B Goldson OBE {Treasurerl S Kelly (Chair) A Thomson L Shephar Rev H Robson P Bradley (resigned g January 20241 Charity registratlon number 206379 Regulator of SoGlal Hou81ng rogl8tratlon number 2917 Addre Wing Buckinghamshire Auditors Alexander Myerson & Co Limited Alexander House 61 Rodney stet LiVerFr L19ER Solicitors Austin & Carnley Bridge House Bridge Street Leighlon Buzzard Bedfordshire LU7 1AH Bankérs CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
DORMERS HOSPITAL CHARITY CONTENTS Page Trustees report Statement of Iruslees responslbilities Auditors, report Income an(1 exp9nditure account Balance sheet Notes to the 8ee(MJnls 8-11
DORMERS HOSPITAL CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and accounts for the yEar ended 31 December 2023. The accounts have been prepared in accordance wth the accounting policies set out in rle 110 accounts and comply wlh the charitls Trust Deed, the Financial Reporting Standard FRS 102, the Charities Act 2011, the CoryOP8rative and Community Benefits Societies Act 2014. Ihe Housing and Regeneration Act 2008 and the A¢¢ounting DireGtion for Registered Providers of Social Housing 2015. Structure> gov•mance and management The ¢harlty is governed by a Trust Deed dated 8 July 1980. The Trusts objects are the provision of housirwJ. The trustee5 who served during the year were: R Barber (Wing Parish Council nominee appointed from 25 February 2021 until 30 April 2025) C Collw (Wing Parish Council nominee appointed from 2020 until 30 April 2024} {resigned 6 July 2023) C R B Goldson OBE (Co-opted trustee reappointed from 5 September 2023 until 30 October 2028) S Kelly nominated, reappointed from S September 2023 unlil 30 April 2027) A Thomson Covopted appointed from 3 March 2020 10 2 March 2025} L Shephard Nominated, appointment las PC nominated Irusleel rted 5 Sepl&mber 2023 until 29 May 2027) Rev H Robson lex officio appointed 7 July 20201 P Bradley {Co-OPted trustee appointed 3 May 2022 unlll 2 May 2027) (resigned 9 January 2024) As sel out in the Tru51 Deed, the trustees shall consist of one ex officio Irusle8, being the Wiear of All Saints, Wing, foul nominated Iruslees appointed by Wing Parish Council and two cWed trustees who, through residence. cecupation or employment or otheIse have special knowledge of the Parish ofwiro. New trustees receive training from exisling trustees regarding the obj8clives and operation of the Trust. They also gain an understanding of their legal obligation wilh regard lo Char law and the slruclure of ttr Trust. They are advised of appropriate training courses and are encouraged to attend. The trustees administer the charity and meet bi-monthly. None of the Iruslee5 receive remuneration or other benefit from their work with the charity. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that Systems are in place to mitigate exposure to the major risks. ObJectlves, actlvltles, achlevemènt8 and performance The ¢harills objects are the provision of almshouses in Wing. Buckinghamshire. The aims of the charity are the provision of housing in Wlng. Buckinghamshlre. The objectives for the year were to continue to ensure that the housing remalns of decent standard for the benefrt of Current and future residents. The trustees have paid due regard to guidance issued by the Charfty CommissK)n in deciding what a¢tlvities the Gharity sFw)uld undertake. During the year the charity continued to maintain both the propertie5 and Ihe site. The charity continued lo pursue fts programme of Improvements to the propertie5.
DORMERS HOSPITAL CHARITY TRUSTEES. REPORT{CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal rwlew The trust had a surplus for the ar of £11.426.13 induding investment gains of £2.038.22. With the level of reserves, the Charity wll be able to ntinue the provision of housing a[ lo maintain the properties. 11 15 the policy of the Gh8rity that revenue funds which have not been dèsignated for a speGific use should be mainlained at alevel equivalent to between three and six month's expenditure. The trustees considers that reseNes al thls level will ensure that, in the event of a signrficant drop in income. they 11 be able lo continue the charitys (#Jrr&nl aclivities while consideration is given to ways in 1¢h addliional income may be raised. This level of reserves has been maintained throughout Ihe yew. Audttor8 A resolution proposing that Alexander MyeTSOn & Co Limited be reappointed if required. as 8udilors of the charlty will be pul to the trustees. On behalf of the b08rd of Iruslees Trustee Dated: 2710612024
DORMERS HOSPITAL CHARITY STATEMENT OF THE TRUSTEES. RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS Charity law requires the tfustees to prepare financial staternenls for each financial year which give a Irue and fair view of the stale of the affairs of the charty and of the income and exFendilure for the year. In preparing these financial stslements the Iruslees required to.. suitable accounting policies and apply them consistenty, make judgements and estimates that are reasonable and prudent.. epare the financial statements on the golng concern basis unless It Is inapprowlate. stale whetlw applicable accountlng standard$ have been followed. The trustees are responsible for keeping proper accounting record5 which disdose with reasonable a(xuracy at any time the financial position of the charity arKI to enable them lo ensure that the accounts comply with the Charities Act 2011, the Cr)-operatiV8 and Community Benefrts Societies Act 2014. the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers . of Social Housing 2015. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the preveDlion and deleclion of fraud and other irregularilies, by establishing arKi maintsining a salisfaclory system of control over the charitls a¢unting records, cash holdlngs and all its receipts and remittances.
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DORMERS HOSPITAL CHARITY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note8 Turnovor 24,404.46 20.104.80 Opgrating cost8 (21,069.38) (31,022.43) Operating surplus IdefKit) 3,335.08 {10,917.63) Intere81 rocelvable and slmllar income 6,052.83 5,051.64 Investment gainl(loss) Surplus Ideflclt) for tho yèar (Total comprehenslve income for the year) 2.038.22 (3.703.321 11,426.13 (9.569.311 The financial statements were approved by Ihe trustees on ils behaw by.. and signed on Chalrman Tru8tee Trustee
DORMERS HOSPITAL CHARITY BALANCE SHEET AS A T31 DECEMBER 2023 2023 2022 Notès Flxed as$ots Tangible assets- Housing properties 68.466.95 68,767.24 Currént assets DebIcS Investments Cash at bank 1.071.66 10 128,694.31 46,553.60 520.00 120.656.09 44,355.06 176.319.57 165.531.15 Creditors: amounts falllng duo wlthin onè year 11 11,644.10) {2,582.101 Net current ass•ls 174,675.47 162,949.05 Total assets less current Ilabilitles 243.142.42 231,716.29 Croditors: amounts falllng due after on• y•aT 12 162,761.52) {62,761.521 Nat assets 180,380. 168.954.77 Reserves Capital funds Revenue fun 13 14 33,506.00 146,874.90 33.506.IXI 135,448.77 180,380.90 168.954.77 The financial statements were approved by the Irustees on Signed on their behalf by and tre Chairnian rustee Trustee
DORMERS HOSPITAL CHARITY NOTES TO THE ACCOUNTS Legal status The Charity was established In 1569. The Charity is also registered with the Regulator of Social Housing under Ihe Housing and Regeneration Act 2008 and a Registered Social Landlord. The Charfty onstilutes a wblic benefit enlity as defined by FRS102. Accountlng poll¢le8 a) Basis of accounting The financi81 statement¥ are prepared under the historlcal cost conventK)n as modtfied by the revaluation of current asset investments in accordance wlh Financial Reporting Standards 102 {FRS1021 issued by the Financial Reporting Council and comply with the Accounling Direclton for Private Registered Providers of Soclal Housing 2015, the Statement of Recommended Practice for Registered Social Housing Providers 2014 ISORP}, the Housbng and Regeneration Act 2008 and the Charitses Act 2011. bl Tumov•r Turnover represents contribution irKome receivable in Ihe year. The Charity is not registered for Value Added Tax. c) Housing land and buildings The housing properties were gÈfted to the ¢harty in 1569. The properties were renovated, wth the aid of Social Housing Gran1$. in 1981182. The development cost of lTh)usiro properttes include.. lil all development expenditu lil) interest charged on the mortgage loans raised to finance the scheme. These costs were met through Social Housing Grants and, in the case of non-qualifying expendlture. through the charivs internal funds. The Gharity has reviewed the ecommi¢ useful lives of ils housing properties and provides depreciation Isee dl belowl. dl D•preclation and Impaimient Freehold land is not depreciated. Depreciation al the rate of 5V/o per annum of housing properties is effectNely recognised.. (i) by Social Housing Grants whlch reduce the nel investment in housing properties to 2n amount which tsn be recovered from the expected nel rental irKome'. and {il) in respect of that proportion of cosl not financed by Social Housing Grants, by making periodic Charges for depreciation in the propety revenue account Housing prosxrties are revlewed for impairment annually and where housing propertl8s have suffered a pernianenl diminution in value, the fall in value is recognised after tsking account of any related capital grants. There are no other assets against whiGh depreciation Is charged. e) Work8 to oxlstlng houslng properties The charity capitslises expenditure on housing properties which increases the nel rental stream over the lrfe of the propety. An increase in the rental stream may arise through an increase in the rental income, a reduction in future malnlenance c4Jsts. or a svjnificanl extenslon to the life of the propty. n Social Housing Grants ISHG} Grants were made to the charity by the Department of the Environment between September 1982 and January 1984. The amount of SHG Is calculated on the quality'ng costs of the scheme in accordance smth instructions issued from time to time by the Regulator of Social Housing.
DORMERS HOSPITAL CHARITY NOTES TO THE ACCOUNTS (CONTINUED) Ac¢ountlng pollcles Contlnued gl Inv•stments Investments are recognised at their transaction value and subsequenlly measured at their fair value as al the balance sheet date using the closing quoted market price. The Slalemenl of Financial ActIvilS inclLNJes the net gains and bsses arising on revaluation and disposals throughout the year. h) Flnanclal Instruments Financial assets aTrJ financlal liabilities are recognised when the Charity becomes a party to the Contractual provisions of th8 instrument. Basic financial assets which indude debtors and cash and bank balanoes are initially measured at transaction price including transaction costs and are subsequendy c8rriwJ at amortised cost using the effeGtive interest method. Basic financial lfiabllities. 1¢h include creditors, bank loans and loans are initially recognised al transaction price unless Ihe arrangement conslilutes a financing transaction. il Capital fund The charity has no share capital. The capital fund represents the Valuatior of the property, based on Regulator of Social Housing definitions and valuations. and cost of the 1982 renovalK•ns met by private funds. Il Revenuo fund This fund represenls the accumulated surplus of income over expendlture. PartiGulars of Incom• and expendlture from social houslng actlvttles 2023 2022 Housing a¢¢ommodalbJn - In¢ome'. Contributions 24.404.46 20,104.80 Expendiiure.. Residents. serVS Routine malntenance Major repairs Depreciation of housing properties Administrative costs 1.321.20 10,548.31 3,168.00 300.29 5,731.58 1,048.00 5,469.73 19,509.58 316.09 4.679.03 Operaling ¢¢ts 21,069.38 31,022.43 Operating surplus Ideficil) on social housing lettings 3,335.08 {10,917.63) Interest re1Vable and simllar Incomo 21)23 2022 Interest receivable Dividends receivable 697.35 5.355.48 430.10 4.621.54 6,052.83 5,051.64
DORMERS HOSPITAL CHARITY NOTES TO THE ACCOUNTS (CONTINUED) Investment galnsl{losses) 2023 2022 M&G Charity Mulli-Assel Fund Shares 2.038.22 {3,703.321 2,038.22 {3,703.32) Surplus on ordlnary actlvllles 2023 2022 Surplus on ordinary activities is staled afler charging.. Audilors, remuneration linduding expense51 lor the year 1,800.00 1.800.00 Taxation The charity 15 a registered tharity and exempt from tax. Fix•d assets . social houslng land and buildlngs avallable for lettlng 2023 2022 Cr)st and valuation At beginning and end of year 96,267.52 96,267.52 Depreciation.. Al beginning of year Charge during the year 27,500.28 300.29 27.184.19 316.09 At end of year 27,800.57 27,500.28 Net book value.. At beginning of year 68,767.24 69,083.33 At end of year 68,466.95 68,767.24 The insurance value of housing buildings at the year end was £964,591 {2022 - £817,519) compared vlti a cost of £96,26712022 - £96,267). The land and building5 of the charty are freehold. Debtors 2023 2022 Contributions PrePaents 18.17 1,053.49 520.00 1,071.66 520.00 -10
DORMERS HOSPITAL CHARITY NOTES TO THE ACCOUNTS (CONTINUED) 10 Current as801 investments - valuatlon 2023 2022 National Association of Almshouses M&G Charity Multi-Asset Fund - 143,279.123 shares 12022- 136,626.758 shar8s) Ground rent on land at Linstade 128,693.31 1.00 120,655.09 128,694.31 120,656.09 11 Credltors (amounts dve wlthln one year) 2023 2022 Accruals and deferred income 1.644.10 2,582.10 1,644.10 2,582.10 12 Credltorn (rmounts due after ono year) 2023 2022 Sockal Housing Grant 62.761.52 62,761.52 13 Capltal fund (restrlcted> 2023 2022 Balance al beginning and end of year 33,506.00 33.506.00 14 Rovonue fund 2023 2022 Balanr* at beginning of year Surplus {deficill of revenug during the year 135,448.77 11.426.13 145,018.08 19.569.31) Balance at end of year 146,874.90 135.448.77 15 Contlng•nt118bllltles A grant of £8,573.70 was received in 1988 in respect of repair expendilure in an earlier year and loan interest incurred thereon. Thew is a contingent liability in res[rt of the Regulator of Social Housings Rigms of Recovery. 16 Employees, tTUStee8. etc. The charity has no full-lime or part-lime paid empl¢)yees (2022- Nil). The trustees offer their services voluntarily and receive neither fees nor any other form of remuneration for their services. 17 Housing stock The charity own freehold four 2-person dwellings in Wing, Buckinghamshire. which are occupied under the terms of the Trust Deed.