2021-03-31-accounts - Great Hospital

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Contents			Page
List ofTrustees and Officials
Report ofthe	Trustees		2-8
Report ofthe	Independent	Auditors	9-10
Consolidated	Statement	of Financial Activities
Consolidated	and Parent	Charity Balance Sheets	12
Consolidated	Cash Flow	Statement	13
Notes to the	Accounts		14 —32

Mr KJ Revell (appointed 9Jun	Mr KJ Revell (appointed 9Jun	Mr KJ Revell (appointed 9Jun	e 2021)
The Officers, Senior Managers			and principal	external advisors are:
Master and	Chief Executive			Mr AJBames (resigned 31	July	2021)
Interim Master and		Chief Executive		Miss N STansley BA (appointed		23July 2021)
Clerk &Company		Secretary		Mr W RC Riley (retired 30 April		2021)
				Mr D Chapman (appointed 9June 2021)
Executive Manager				Miss N STansley BA
Care Manager				Ms A M Loveday RGN (resigned		18December 2020)
				Ms N Shrimpton (appointed	20January 2021)
Estate Manager				Mr A Buckingham BSc
Finance Manager				Miss ETabora ACCA
Chaplain				The Rev'd Canon E Langan
Steward				Mr N FSaffell FRICS
Principal Office				The Great Hospital
				Bishopgate
				Norwich
				NR1 4EL
Bankers				Barclays Bank Pic
				5-7 Red Lion Street
				Norwich
				NR1 3QH
Solicitors				Leathes Prior
				74The Close
				Norwich
				NR1 4DR
Auditors				Larking Gowen LLP
				King Street House
				15Upper King Street
				Norwich
				NR3 1RB
Investment	Managers			Investec Wealth and Investment		Limited
				30Gresham Street
				London
				EC2V 7QN

The Value for Money metrics set out below s the standard. Metrics and Basis		ho	w how the	Great Hospital had	performed since the i	ntroduction
					2021	2020
1. Reinvestment					3%	3%
The metrics looks at the Investment in properties			both new and existing
as a percentage ofthe value oftotal properties		held.
2. New Supply Delivered
3. Gearing					-8%	-5%
This metric assesses how much ofthe assets are		made up ofdebt		and
the degree ofdependence on debt finance.
4. Earnings before interest, tax, depreciation,		amortisation,		major
repairs included (EBITDA MRI) Interest Cover					1,165%	1,013%
This is a key indicator for liquidity and investment	capacity.
5. Headline Social Housing cost per unit					F20,113	818,092
This metric assesses the headline social housing		cost per unit
as defined by the Regulator.
6. Operating Margin
This metric measures profitability, and isa way of		measuring
the financial efficiency ofa business.
Operating Margin (A)					73%	-59%
Operating Margin (B)					22%	-6%

					Unrestricted	Restricted	Endowment	2021	2020
				Notes	Fund	Fund f	Fund f	Total f	Total
Income and endowments		from:
Donations and legacies					58,054			58,054	2,641
income from charitable	activities:
Contributions from residents					1,301,974			1,301,974	1,282,095
Other trading activities:
Functions									77,556
Shop Income					135			135	5,655
Investments:
Property Income				4			240,613	240,613	243,037
Interest and investment	income			10			408,163	408,163	484,928
Otherincome					2,017			2,017	5,586
Total income and endowments					1,362,180		648,776	2,010,956	2,101,498
Expenditure on:
Cost ofraising funds:
Investment management		costs					133,818	133,818	116,220
Expenditure on charitable		activities:
Services					1,214,163			1,214,163	1,097,500
Management Maintenance					479,572 340,068			479,572 340,068	472,802 244,912
Depreciation					259,398	17,104		276,502	270,116
Expenditure on other trading			activities:
Functions expenditure								8	26,180
Other expenditure					2,453			2,453	4,514
Total expenditure					2,295,662	17,104	133,818	2,446,584	2,232,244
Net income I(expenditure)			before
gains and losses on investments					(933,482)	(17,104)	514,958	(435,628)	(130,746)
Net gains / (losses) on	investments			15816			3,270,987	3,270,987	(1,519,226)
Net income I (expenditure)					(933,482)	(17,104)	3,785,945	2,835,359	(1,649,972)
Transfers between funds				23824	900,000		(900,000)
Net movement in funds					(33,482)	(17,104)	2,885,945	2,835,359	(1,649,972)
Reconciliation offunds:
Total funds brought forward					9,038,294	513,119	22,267,253	31,818,666	33,468,638
Total funds carried forward					9,004,812	496,015	25,153,198	34,654,025	31,818,666

				Consolidated	Consolidated	Parent	Charity
			Notes	2021	2020	2021	2020
Fixed assets
Housing Association Scheme properties			14a8b	737,038	762,453	737,038	762,453
Equipment			14a8b	298,806	80,591	298,806	80,591
Improvements to Great Hospital		buildings	14a8b	7,463,593	7,654,837	7,463,593	7,654,837
Property in the course ofconstruction			14a8d)	187,993	187,993	7,343	7,343
Investment properties			15	5,850,561	5,645,286	5,850,561	5,645,286
Investments			16822	19,430,662	16,314,856	19,430,663	16,314,856
Programme related investment			17			173,000	145,000
				33,968,653	30,646,016	33,961,004	30,610,366
Current assets
Stock			18	6,649	5,189	6,649	5,189
Debtors and prepayments			19	179,972	931,890	188,234	957,415
Cash at bank and in hand				802,553	391,916	800,227	389,449
Cash held by investment	brokers			9,710	153,640	9,710	153,640
				998,884	1,482,635	1,004,820	1,505,693
Less:
Creditors:
Amounts falling due within	one year		20	(220,637)	(216,262)	(215,909)	(203,670)
Net current assets				778,247	1,266,373	788,911	1,302,023
Total assets less current liabilities				34,746,900	31,912,389	34,749,915	31,912,389
Less:
Creditors:
Amounts falling due after	one year		21	(92,875)	(93,273)	(92,875)	(93,273)
Total net assets				34,654,025	31,818,666	34,657,040	31,818,666
Represented by:
The funds ofthe charity:
Endowment fund			23	25,153,198	22,267,253	25,153,198	22,267,253
Restricted fund			24	496,015	513,119	496,015	513,119
Income fund (unrestricted)			24	9,004,812	9,038,294	9,007,827	9,038,294
				34,654,025	31,818,666	34,657,040	31,818,666

					2021f	2020f
Net cash oufflow from operating		activities (see below)			(53,169)	951,528
Cash Flows from investing activities
Interest, dividends and rents received					648,776	727,965
Purchase offixed assets					(278,059)	(281,176)
Investment property transactions
Proceeds from sale ofinvestments		property
Proceeds from sale ofinvestments					2,922,814	2,472,515
Purchase of investments					(2,972,909)	(4,347,023)
Net cash provided by investing	activities				320,622	(1,427,719)
Cash flows from financing activities
Repayment of borrowing					(746)	(760)
Net cash provided by financing	activities				(746)	(760)
Change in cash and cash equivalents in the year					266,707	(476,952)
Cash and cash equivalents brought		forward			545,556	1,022,508
Cash and cash equivalents carried forward					812,263	545,556
Reconciliation ofnet income to	net cash outflow from operating		activities
					2021f	2020f
Net income / (Loss)					2,835,359	(1,649,972)
Interest, dividends and rents received					(648,776)	(727,965)
(Gains)/Losses on investments					(3,270,987)	1,519,226
Depreciation					276,503	270,116
Decrease / (increase) in debtors					751,918	1,499,285
Decrease /(increase) in stock					(1,460)	(949)
Increase / (decrease) in creditors					4,274	41,787
Net cash oufflow from operating		activities			(53,169)	951,528
Analysis ofchanges in cash and		cash equivalents:		1 Apr 2020	Cash flows	31 Mar 2021
						F
Cash at bank and in hand				391,916	410,637	802,553
Cash held by investment		brokers		153,640	(143,930)	9,710
Total				545,556	266,707	812,263
The notes on pages 14to 32form		part ofthese financial statements

Income from Donations
	Regulated Social Housing Activitiesf	Unregulated Activities	Total 2021	Total 2020
Donations		401	401	2,641
NCC —Covid grant funding		57,653	57,653
		58,054	58,054	2,641

Accommodation		charge		879,680	879,680	883,009
Service charges		(see below)		422,294	422,294	399,086
Contribution from		Residents		1,301,974	1,301,974	1,282,095
Social housing	operating		costs	(2,261,563)	(2,042,968)	(2,042,968)
Operating deficit				(959,589)	(740,994)	(760,873)
Void losses				(47,821)	(47,821)	(38,625)
Service Charges
Gas and Electricity				136,682	136,682	127,156
Care service				133,809	133,809	143,649
Catering				100,378	100,378	67,947
Cleaning				51,425	51,425	60,334
				422,294	422,294	399,086

				Regulated	Regulated	Social	Unregulated	Total	Total
				Housing	Activities f		Activities f	2021f	2020f
Property income
Investment properties							240,613	240,613	243,037
Expenses
Agent's commission							(13,031)	(13,031)	(6,392)
Professional	fees						(45,783)	(45,783)	(27,990)
Repairs etc							(1,109)	(1,109)	(6,518)
Net income from		investment	properties				180,690	180,690	202,137
Cost of raising funds
Property agent's		commission					13,031	13,031	6,392
Professional	fees						45,783	45,783	27,990
Repairs etc							1,109	1,109	6,518
Investment managers fees							63,335	63,335	65,223
irrecoverable	VAT						10,560	10,560	10,097
							133,818	133,818	116,220
Services
Staff costs						858,796		858,796	791,182
Food						95,240		95,240	59,216
Energy						115,276		115,276	111,772
Laundry and	cleaning					25,597		25,597	21,908
Water and council tax						23,689		23,689	23,984
Amenities						3,313		3,313	11,765
Care consumables						17,403		17,403	5,061
Irrecoverable	VAT					74,849		74,849	72,612
					1,214,163			1,214,163	1,097,500
Management
Administration						95,243	24,557	119,800	124,246
Staff costs						292,000		292,000	281,712
Insurance						43,587	24,185	67,772	66,844
						430,830	48,742	479,572	472,802

				Regulated	Regulated	Social	Unregulated	Total	Total
				Housing	Activities f.		Activities F	2021f	2020f
	Maintenance
	Building maintenance					340,068		340,068	244,912
	Depreciation
	Housing Association scheme properties					25,415		25,415	25,415
	Equipment					29,531		29,531	27,599
	Improvements	to Great Hospital		buildings		221,557		221,557	217,102
						276,503		276,503	270,116
10.	Interest and investment		income receivable
	Securities income						408,163	408,163	484,830
	Deposit interest	receivable							98
	Other finance income
							408,163	408,163	484,928
11.	Other income
	Sundry income						1,967	1,967	5,224
	Booklet sales						50	50	362
							2,017	2,017	5,586

Surplus	after interest		2021	2020
The net	income before	gains and losses is stated
after charging I (crediting):
Interest	payable		13,656	13,758
Depreciation			276,503	270,116
Auditors	remuneration	—audit	13,500	13,765
Auditors	remuneration	—non audit services	1,682	3,764

Fixed Assets - Group
	Housing Assoc.			Property in
	Scheme	Building		the course of
	Properties f	Improvements	Equipmentf	constructionf	Total
Cost
At 1 April 2020	1,270,755	9,458,919	388,784	187,993	11,306,451
Additions		30,313	247,746		278,059
At 31 March 2021	1,270,755	9,489,232	636,530	187,993	11,584,510
Depreciation
At 1 April 2020	508,302	1,804,082	308,193		2,620,577
Charge forthe year	25,415	221,557	29,531		276,503
At 31 March 2021	533,717	2,025,639	337,724		2,897,080
Net book value
At 31 March 2021	737,038	7,463,593	298,806	187,993	8,687,430
At 31 March 2020	762,453	7,654,837	80,591	187,993	8,685,874

Fixed Assets —Paren	t Charity
	Housing Assoc.			Property	in
	Scheme	Building		the course of
	Properties f	Improvements	Equipmentf	construction		Total F
Cost
At 1 April 2020	1,270,755	9,458,919	388,784	7,343		11,125,801
Additions		30,313	247,746			278,059
At 31 March 2021	1,270,755	9,489,232	636,530	7,343		11,403,860
Depreciation
At 1 April 2020	508,302	1,804,082	308,193			2,620,577
Charge for the year	25,415	221,557	29,531			276,503
At 31 March 2021	533,717	2,025,639	337,724			2,897,080
Net book value
At 31 March 2021	737,038	7,463,593	298,806		7,343	8,506,780
At 31 March 2020	762,453	7,654,837	80,591		7,343	8,505,224

Investment		propert	i	es -Group a	nd Charit	y
										2021		2020f
Valuation
1 April 2020										5,645,286	5,719,786
Disposals
Additions
Realised gain on disposal
Gain I(loss)		on revaluation								205,275		(74,500)
31 March 2021										5,850,561	5,645,286
Classification		of properties
Residential	Estate									583,751		498,000
Commercial		holdings								4,625,000	4,512,000
Agricultural		holdings								641,810		635,286
										5,850,561	5,645,286
A formal valuation			of investment		properties	was	carried out at		31 March 2021 by Brown		8 Co Property		and
Business Consultants				LLP, afirm	ofindependent		chartered	surveyors,		on behalf ofthe Trustees		in accordance
with the accounting				policy set out	in note 1g. A		formal valuation		of investment properties		is carried out		every
three years.

Investments
			2021	2021	2020	2020
			Costf	Market valuef	Costf	Market valuef
Government	stock		287,197	287,422	831,198	872,637
Ordinary shares			11,713,559	16,083,012	11,224,184	12,591,806
Fixed interest			2,889,941	3,060,228	2,756,030	2,850,412
Total			14,890,697	19,430,662	14,811,412	16,314,855
Un~uoted	investments
Shares in TGH (Commercial)		Ltd
Grand total	- Charity		14,890,698	19,430,66	14,811,413	16,314,856

				2021f	2020
Movements	in quoted investments
Market value		1 April	2020	16,314,856	15,885,073
Additions				2,972,909	4,347,024
Disposals				(2,922,814)	(2,472,515)
Net investment		gains	/ (losses)	3,065,711	(1,444,726)
Market value		31 March 2021		19,430,662	16,314,856

Programme related investment	Programme related investment
		Charity
Loan to TGH (Commerdal)	Limited	2021f	2020f
Balance at 1 April 2020		145,000	145,000
Additional loan		28,000
Balance as at 31 March 2021		173,000	145,000

Stock
							Group		Charity
						2021f		2020f	2021f	2020f
Food and	beverages					5,112		3,660	5,112	3,660
Booklets						1,537		1,529	1,537	1,529
						6,649		5,189	6,649	5,189
Debtors
							Group		Charity
						2021 f		2020 f	2021 f	2020 f
Prepayments		and accrued income				5,543		12,164	13,805	17,166
Other debtors						172,879		915,977	172,879	915,977
Residents'	contributions			receivable		1,550		3,749	1,550	3,749
Donation	from	TGH (Commercial)			Ltd					20,523
						179,972		931,890	188,234	957,415
Creditors: amounts			falling due within one year
							Group		Charity
						2021 f		2020 f	2021 f.	2020f
Trade creditors						124,859		100,637	124,283	93,470
Taxation	and	social security				17,195		24,319	17,195	24,319
Accruals	and	deferred		income		78,583		91,306	74,431	85,881
						220,637		216,262	215,909	203,670

Creditors: amounts falling due af	ter more than one	year - Group and Charit	y
			2021	2020
Housing Association schemes (see	below)		92,875	93,723
			92,875	93,73
Housing Association Schemes
		Prior	Youngs
		Court	Green	Total
Balances at beginning ofyear		45,738	47,535	93,273
Capital repaid in the year		(15)	(184)	(199)
Less capital due within one year		(15)	(184)	(199)
Balances at end ofyear		45,708	47,167	92,875
Balance included above repayable	by
instalments in more than five years		42,715	44,943	87,658
Rate of interest payable		15%	14%

Financial	Instruments	Instruments
						Group		Charity
					2021	2020	2021f	2020f
Financial	assets	atfair value through
statement	offinancial activities
Investments					19,430,662	16,314,855	19,430,663	16,314,856
					19,430,662	16,314,855	19,430,663	16,314,856
Financial	assets	measured	at
amortised	cost
Trade debtors					1,599	3,935	1,599	3,935
Other debtors						740,173		740,173
Amounts	owed by	group undertakings						20,523
					1,599	744,108	1,599	764,631
Financial	liabilities measured			at
amortised	cost
Trade creditors					124,859	24,280	124,283	20,915
Accruals					46,273	70,644	44,923	69,294
Loans —Amounts		due within	one year		769	693	770	693
Loans —Amounts		due after	one	year	92,875	93,723	92,875	93,723
					264,776	189,340	262,851	184,625

								Unapplied	Total
							Investment	Total	Permanent
							Fundf	Return	Endowmentf
At beginning ofthe reporting		period:
Gift component ofthe	permanent			endowment			5,091,310		5,091,310
Unapplied total return								17,175,943	17,175,943
Total							5,091,310	17,175,943	22,267,253
Movements in the reporting		period:
Investment return: Income,		dividends			and	interest		648,776	648,776
Investment return: realised		and		unrealised		gains		3,270,987	3,270,987
Less: Investment management			costs					(133,818)	(133,818)
Net unapplied total return								3,785,945	3,785,945
Unapplied total return	allocated			to income		in
the reporting period								(900,000)	(900,000)
Net movement in the	reporting		period					2,885,945	2,885,945
At end ofthe reporting	period:
Gift component ofthe	permanent			endowment			5,091,310		5,091,310
Unapplied total return								20,061,888	20,061,888
Total							5,091,310	20,061,888	25,153,198

ummary	o	fnet	asset	s by fund
						Income	Restricted	Endowment
					Total	Fund	Fund	Fund
					2021 E	2021 F	2021f	2021f
Investments		(at Market Value)			19,430,663			19,430,663
Cash					812,263	812,263
Stock					6,649	6,649
Debtors					179,972	307,999		(128,027)
Creditors					(220,637)	(220,637)
Free reserves					20,208,910	906,274		19,302,636
Housing	Association			loans	(92,876)	(92,876)
Investment		property			5,850,561			5,850,561
Property	in	the course ofconstruction			187,993	187,993
Housing		Association			737,038	241,023	496,015
Scheme	property
Equipment					298,806	298,806
Building	improvements				7,463,593	7,463,593
					34,654,025	9,004,813	496,015	25,153,197
Investment		Fund						5,091,310
Unapplied		Total	Return					20,061,887
Total Endowment			Fund					25,153,197

ummary	o	fnet	asse	ts by	fund (continued	)
							Income	Restricted	Endowment
						Total	Fund	Fund	Fund
						2020	2020	2020f	2020
Investments		(at Market Value)				16,314,856			16,314,856
Cash						545,556	545,556
Stock						5,189	5,189
Debtors						931,890	624,779		307,111
Creditors						(216,262)	(216,262)
Free reserves						17,581,229	959,262		16.621,967
Housing	Association			loans		(93,723)	(93,723)
Investment		property				5,645,286			5,645,286
Property	in	the course		ofconstruction		187,993	187,993
Housing		Association			Scheme	762,453	249,334	513,119
ploperty
Equipment						80,591	80,591
Building	improvements					7,654,837	7,654,837
						31,818,666	9,038,294	513,119	22,267,253
Investment		Fund							5,091,310
Unapplied		Total	Return						17,175,943
Total Endowment			Fund						22,267,253

The subsidiary is not registered with the social housing regulator March 2021 are set out below.	. The results of the subsidi	ary company
	2021f	2020
Turnover		75,395
Cost ofsales and administration	(3,016)	(54,872)
Charitable donation		(20,523)
Net profit/(loss)	(3,016)
The aggregate ofassets liabilities and reserves was:
	2021	2020
Current assets	182,976	186,481
Current liabilities	(185,991)	(186,480)
	(3,015)

Statement ofFinanc	ial	A	ctivities 3	1 March 2020
				Income	Restricted	Endowment	2020
				Fund E	Fund	Fundf	Total
Income and endowments		from:
Donations and legacies				2,641			2,641
Income from charitable activities:
Net contributions from residents				1,282,095			1,282,095
Other trading activities
Functions				77,556			77,556
Shop income				5,655			5,655
investments
Property income						243,037	243,037
Interest and investment			income			484,928	484,928
receivable
Otherincome				5,586			5,586
Total income and endowments				1,373,533		727,965	2,101,498
Expenditure on:
Cost ofraising funds
Investment management	costs					116,220	116,220
Expenditure on charitable	activities:
Services				1,097,500			1,097,500
Management				472,802			472,802
Maintenance				244,912			244,912
Depreciation				253,012	17,104		270,116
Expenditure on other trading		activities:
Functions expenditure				26,180			26,180
Other expenditure				4,514			4,514
Total expenditure				2,098,920	17,104	116,220	2,232,244
Net income i (expenditure)			before
gains
and losses on investments				(725,387)	(17,104)	611,745	(130,746)
Net gains I(losses) on investments						(1,519,226)	(1,519,226)
Net income i(expenditure)				(725,387)	(17,104)	(907,481)	(1,649,972)
Transfers between funds				655,792		(655,792)
Net movement in funds				(69,595)	(17,104)	(1,563,273)	(1,649,972)
Reconciliation offunds
Total funds brought forward				9,107,889	530,223	23,830,526	33,468,638
Total funds carried forward				9,038,294	513,119	22,267,253	31,818,666