2022-03-31-accounts - Great Hospital

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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

Meeter and Chief Executive	Meeter and Chief Executive	Meeter and Chief Executive	Mr AJBames (resigned 31 July	Mr AJBames (resigned 31 July	2021)
			Mrs G K Dormer (appointed	4 October 2021)
Interim Master and		Chief Executive	Miss N STansley BA(23July 2021 —3October 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 N Shrimpton (resigned	21 August 2021)
Interim Care Manager			Ms A M Johnson (appointed 1 June 2022)
Estate Manager			Mr A Buckingham BSc(resigned		6 July 2022)
			Mr G Crisp (appointed 4 July 2022)
Finance Manager			Miss ETabors ACCA (resigned		16December 2021)
			Mr I D Feltham MA (Oxon)	ACA	(appointed 6 December 2021)
Chaplain			The Retxd Canon E Langan
Steward			Mr N FSaffell FRICS
Principal Office			The Great Hospital
			Bishopgate
			Norwich
			NR1 4EL
Bankers			Bardays Bank Pic
			5-7 Red Lion Street
			Norwich
			NR1 3QH
Solicitors			Leathes Pnor
			74 The Close
			Norwich
			NR1 4DR
Auditors			Larking Gowen LLP
			King Street House
			15Upper King Street
			Norwich
			NR3 1RB
Investment	Managers		Investec Wealth and Investment		Limited
			30 Gresham Street
			London
			EC2V 7QN

Metrics and Basis
				2022	2021
1. Reinvestment				3%	3%
The metrics looks st the Investment in prcpsrliss			both new and sxisfing
as a percentage ofthe value oftotal properties		held.
2. New Supply Delivered
3. Gearing				-25%	-8%
This metnc assesses how much ofthe assets are		made up ofdebt and
the degree ofdependence on debt finance.
4. Earnings before Interest, tsx, depreciation,		smortlsatlon, ma)or
repairs Included (EBITDA MRI) Interest Cover				1 616'/	1 165'/
This is a key indicator for liquidity and Investment	capacity.
5. Hsadfins Social Housing cost psr unit				f22,594	f20,113
This mstnc sssssses the headline scdal housing	cost		per unit
as defined by the Regulator.
6. Operating Margin
This metric measures profitability, and is a way of		measuring
the financial efficiency of a business.
Operating Margin (A)				-89%	-73%
Operating Margin (8)				-23%	-22%

			Unrestricted	Restrided	Endowment	2022	2021
		Notes	Fundf	Fundf	Fund	Total F.	Totalf
Income and endowments from:
Donations and legacies			106,776			106,776	58,054
income from charilabie activities:
Cantrlbutlons fram residents		3	1,317,298			1,317,298	1,301,974
Other trading adivities:
Functions Shop Income			19,725			19,725	135
investments
Property Income Interest and Investment incame		4 10			287,039 413,787	287,039 413,787	240,613 408,163
Other income			2,761			2,761	2,017
Total income and endowments			1,446,560		700,826	2,147,386	2,010,956
Expenditure on:
Cast ofraising funds: Investment management costs		5			155,558	155,558	133,818
Expenditure an charitable activfiesr Selvlces			1,264,428			1,264,428	1,214,163
Management Maintenance			552,830 398,417			552,830 398,417	479,572 340,068
Depreciation			262,618	17,104		279,722	276,502
Expenditure on other trading	activities:
Functions expenditure
Other expenditum							2,453
Total expenditure			2,478,293	17,104	155,558	2,650,955	2,446,584
Net income / (expenditure) before gains and losses on investments			(1,031,733)	(17,104)	545,268	(503,569)	(435,628)
Net gains I (losses) on investments		15&16			1,874,367	1,874,367	3,270,987
Net income I (expenditure)			(1,031,733)	(17,104)	2,419,635	1,370,798	2,835,359
Transfers between funds		23&24	1,050,000		(1,050,000)
Nst movement ln funds			18,267	(17,104)	1,369,635	1,370,798	2,835,359
Reconclgatlon offunds: Total funds brought forward			9,004,812	496,015	25,153,198	34,654,025	31,818,666
Total funds carried forward			9,023,079	478,911	26,522,833	36,024,823	34,654,025

						Consolidated	Consolidated	Parent	Charity
					Notes	2022	2021	2022	2021
Ptxed assets
Housing Association		Scheme properties			14a&b	711,623	737,038	711,623	737,038
Equipment					14a&b	482,601	298,806	482,601	298,806
Improvements to	Greet Hospital			buildings	14a&b	7,243,358	7,463,593	7,243,358	7,463,593
Pmperty in the course of			construction		14a&b	187,993	187,993	7,343	7,343
Investment properties					15	6,138,524	5,850,561	6,138,524	5,850,561
Investments					16&22	19,279,749	19,430,662	19,279,749	19,430,663
Programme related investment					17			179,000	173,000
						34,043,848	33,968,653	34,042,198	33,961,004
Current assets
Stock					18	7,244	6,649	7,244	6,649
Debtors and prepayments					19	239,494	179,972	247,366	188,234
Cash at bank and	In	hend				1,178,855	802,553	1,174,992	800,227
Cash hekl by Investment			brokers			1,029,069	9,710	1,029,069	9,710
						2,454,662		2,458,671	1,004,820
Less:
Creditors:
Amounts falling due within			one year		20	(381,581)	(220,637)	(377,056)	(215,909)
Net current assets						2,073,081	778,247	2,081,615	788,911
Total assets less	current		liabilities			36,116,929	34,746,900	36,123,813	34,749,915
Less:
Creditors:
Amounts falling due after			one year		21	(92,106)	(92,875)	(92,106)	(92,875)
Total net assets						36,024,823	34,654,025	36,031,707	34,657,040
Represented by.
The funds ofthe	charity:
Endowmentfund					23	26,522,833	25,153,198	26,522,833	25,153,198
Restricted fund					24	478,911	496,015	478,911	496,015
Income fund (unrestricted)					24	9,023,079	9,004,812	9,029,963	9,007,827
						36,024,823	34,654,025	36,031,707	34,657,040

						2022	2021
oufflow						F.	6
Net cash fro operating		activities (see below)				(231,799)	(53,169)
Cash Flows from investing activities
Interest, dividends and rents received						700,826	648,776
Purchase offixed assets						(217,867)	(278,059)
Investment property transactions						43,286
Proceeds from sale of investments Proceeds fram sale of investments		property				3,490,021	2,922,814
Purchase cf investments						(2,388,037)	(2,972,909)
Net cash provided by Investing	activities					1,628,229	320,622
Cash flows from flnandng activities
Repayment of borrowing						(769)	(746)
Net cash provided by financing	activities					(769)	(746)
Change ln cash and cash equivalents			ln the year			1,395,661	266,707
Cash and cash equivalents brought		forward				812,263	545,556
Cash and cash equivalents carried forward						2,207,924	812,263
Reconciliation ofnet Income to	net cash oufftow from operating			activities		2022	2021
						6	f.
Net Income / (Loss)						(503,569)	2,835,359
oufflow
Interest, dividends snd rents received (GsinsyLosses on investments Depredation Decrease / (inaease) in debtors						(700,826) 592,047 279,722 (59,522)	(648,776) (3,270,987) 276,503 751,918
Decrease / (increase) in stock Increase / (decrease) in credtors						(595) 160,944	(1,460) 4,274
Net cash fro operating		activities				(231,799)	(53,169)
Analysis ofchanges In cash and		cash	equivalents:		1 Apr2021	Cash flows	31 Mar 2022
							F.
Cash at bank and In hand					802,553	376,302	1,178,855
Cash held by investment		brokers			9,710	1,019,359	1,029,069
Tots I					812,263	1,395,661	2,207,924

Income from Donations and L	egacies	egacies
	Regulated		Social	Unregulated	Total	Total
	Housing	Activities		Activities	2022f	2021
Donations				2,329	2,329	401
NCC —Covid grant funding				104,447	104,447	57,653
				106,776	106,776	58,054

Accommodation		charge		907,328	907,328	879,680
Service charges		(sss below)		409,970	409,970	422,294
Contribution from		Residents		1,317,298	1,317,298	1,301,974
Social housing	operating		costs	(2,443,660)	(2,443,660)	(2,261,563)
Operating deficit				(1,126,362)	(1,126,362)	(959,589)
Void losses				(47,821)	(47,821)	(47,821)
Service Charges
Gas and Electricity				130,499	130,499	136,682
Care service				122,895	122,895	133,809
Catering				105,556	105,556	100,378
Cleaning				51,020	51,020	51,425
				409,970	409,970	422,294

							Regulated	Social	Unregulated	Total	Total
							Flensing Activities		Activities F	2022f	2021f
	Property Income
	Investment	properties							287,039	287,039	240,613
	Expenses
	Agent's commission								(13,069)	(13,069)	(13,031)
	Professional	fees							(13,978)	(13,978)	(45,783)
	Repairs etc								(44,223)	(44,223)	(1,109)
	Net income	from	investment			properties			215,768	215,768	180,690
	Cost of managing			Investments
	Property agent's		commission						13,069	13,069	13,031
	Professional	fees							13,978	13,978	45,783
	Repairs etc								44,223	44,223	1,109
	Investment	managers			fees				72,569	72,569	63,335
	Irrecoverable	VAT							11,719	11,719	10,560
									155,558	155,558	133,818
	Seivices
	Staff costs							884,398		884,398	858,796
	Food							91,507		91,507	95,240
	Energy							133,251		133,251	115,276
	Laundry and	cleaning						24,799		24,799	25,597
	Water and council tax							23,433		23,433	23,689
	Amenities							5,668		5,668	3,313
	Care consumables							3,461		3,461	17,403
	Irrecoverable	VAT						97,911		97,911	74,849
							1,264,428			1,264,428	1,214,163
7.	Management
	Administration							143,283		143,283	119,800
	Staff costs							305,433	22,583	328,016	292,000
	Insurance							52,377	29,154	81,531	67,772
								501,093	51,737	552,830	479,572

				Regulated	Regulated	Social	Unregulated	Total	Total
				Housing	Activities		Activities	2022	2021
						6	9	F	F
	Maintenance
	Building maintenance					398,417		398,417	340,068
	Depredation Housing Association scheme properties					25,415		25,415	25,415
	Equipment Improvements	to Greet Hospital		buildings		34,072 220,235		34,072 220,235	29,531 221,557
						279,722		279,722	276,503
10.	Interest and Investment		income receivable
	Sscunties income						413,780	413,780	408,163
	Deposit interest	receivable					7	7
	Other finance income
							413,787	413,787	408,163
11.	Other income
	Sundry income Booklet sales						2,658 103	2,658 103	1,967 50
							2,761	2,761	2,017
12.	Taxation

Surplus after interest		2022	2021f
Ths nst income before	gains and losses is stated
after charging / (crediting):
Interest payable Depreciation Auditors remuneration	—audit	13,657 279,722 13,935	13,656 276,503 13,500
Auditors remuneration	—non audit services	1,500	1,682

Fixed Assets - Group
	Housing Assoc.			Property In
	Scheme	Building		the course of
	Properties 6	Improvements	Equipmentf	construction 6	Total 6
Cost
At 1 April 2021	1,270,755	9,489,232	636,530	187,993	11,584,510
Additions			217,867		217,867
At 31 March 2022	1,270,755	9,489,232	854,397	187,993	11,802,377
I3epreclation
At 1 April 2021	533,717	2,025,639	337,724		2,897,080
Charge for the year	25,415	220,235	34,072		279,722
At 31 March 2022	559,132	2,245,874	371,796		3,176,802
Net book value
At 31 March 2022	711,623	7,243,358	482,601	187,993	8,625,575
At 31 March 2021	737,038	7,463,593	298,806	187,993	8,687,430

Fixed Assets —Paren	t Charity
	Housing Assoc.			Property In
	Scheme	Building		the course of
	Properties F	Improvements f	Equipment E	construction	f	Total 8
Cost
At 1 April 2021	1,270,755	9,489,232	636,530	7,343		11,403,860
Additions			217,867			217,867
At 31 March 2022	1,270,755	9,489,232	854,397	7,343		11,621,727
Depreciation
At 1 April 2021	533,717	2,025,639	337,724			2,897,080
Charge forthe year	25,415	220,235	34,072			277,722
At 31 March 2022	559,132	2,245,874	371,796			3,176,802
Net book value
At 31 March 2022	711,623	7,243,358	482,601	7,343		8,444,925
At 31 March 2021	737,038	7,463,593	298,806	7,343		8,506,780

Investment		properties -Group and Charity
			2022	2021f
Valuation
1 April2021			5,850,561	5,645,286
Di epos a le			(635,333)
Additions
Realised gain on disposal			592,047
Gain / (loss)		on revaluation	331,249	205,275
31 March 2022			6,138,524	5,850,561
Classification		of properties
Residential	Estate		645,000	583,751
Commercial		holdings	4,830,000	4,625,000
Agricultural		holdings	663,524	641,810
			6,138,524	5,850,561

Investments
					2022			2022	2021		2021
					Cost 6	Market valuef			Cost 6	Market value 6
Government stock					281,197			272,243	287,197		287,422
Ordinary shares				11,253,162			16,252,308		11,713,559		16,083,012
Fixed interest					2,648,828		2,755,198		2,889,941		3,060,228
Total				14,183,187			19,279,749		14,890,697		19,430,662
Un-quoted investments
Shares in TGH (Commercial)			Ltd					1	1		1
Grand total —Charity				14,183,188			19,279,750		14,890,698		19,430,663
TGH (Commercial)	Limited is a 100%subsidiary				and a property		construction		company that	has	expanded its
activities to include	the	provision		of hospitality	TGH (Commercial)			Limited	has been engaged		by the Great
Hospital to design and		build	new	accommodation	for residents.		The results		of the subsidiary	company to 31
March 2022 are set	out	in note 30
									2022		2021
									6		F
Movements in quoted		investments
Market value 1 April	2021								19,430,662		16,314,856
Additions									2,388,077		2,972,909
Disposals									(3,490,021)		(2,922,814)
Net investment gains / (losses)									951,071		3,065,711
Market value 31 March		2022							19,279,749		19,430,662

Programme related Investment	Programme related Investment
		Charity
Loan to TGH (Commercial)	Limited	2022f	2021 f.
Balance at 1 April 2021		173,000	145,000
Additional loan		6,000	28,000
Balance as at 31 March 2022		179,000	173,000

18.	been eng Stock	aged	by the		Charity to de	sign and build	new accom	modati	on for its res	idents.
								Group			Charity
							2022 f		2021 f	2022 f		2021 f
	Food and	beverages					6,238		5,112	6,238		5,112
	Booklets						1,006		1,537	1,006		1,537
							7,244		6,649	7,244		6,649
19.	Debtors
								Group			Charity
							2022 f		2021 f	2022 f		2021
	Prepayments		and accrued income				118,058		5,543	118,058		17,805
	Other debtors						106,373		172,879	108,878		172,879
	Residents'	contributions			receivable		12,063		1,550	20,430		1,550
	Donation	from	TGH (Commercial)			Ltd
							239,494		179,972	247,366		188,234
20.	Creditors: amounts			falling due within one year
								Group			Charity
							2022 f		2021 f	2022 f		2021 f
	Trade creditors						216,041		124,859	216,041		124,283
	Taxation and		social security				29,678		17,195	29,678		17,195
	Accruals and		deferred		income		135,862		78,583	131,337		74,431
							381,581		220,637	377,056		215,909

Creditors: amounts falling due af	ter more than one	year - Group and Chari	ty
			2022f	2021f
Housing Association schemes (see	below)		92,106	92,875
			92,106	92,875
Housing Association Schemes
		Prior	Youngs
		Court	Green	Total
Balances at beginning ofyear		45,708	47,167	92,875
Less capital due within one year		(383)	(387)	(770)
Balances at end ofyear		45,325	46,780	92,106
Balance included above repayable instalments In more than five years	by	41,102	44,189	85,291
Rate of interest payable		15%	14%

Financial	Instruments	Instruments	Instruments
							Group		Charity
						2022	2021	2022	2021
									6
Financial	assets	at	fair value		through
statement	offinancial activities
Investments						19,279,749	19,430,662	19,279,750	19,430,663
						19,279,749	19,430,662	19,279,750	19,430,663
Financial	assets	measured		at
amortlssd	cost
Trade debtors						17,355	1,550	20,430	1,550
Other debtors
Amounts	owed by	group undertakings
						17,355	1,550	20,430	1,550
Financial	liabilities		measured		st
amortlsed	cost
Trade creditors						216,041	124,859	216,041	124,283
Accrua la						96,017	46,273	94,567	44,923
Loans —Amounts		due within		one year		770	769	770	770
Loans —Amounts		dus after		one	year	92,106	92,875	92,106	92,875
						404,934	264,776	403,484	262,851

								Unapplied	Total
							Investment	Total	Permanent
							Fund	Return	Endowment
								E
At beginning ofthe reporting		period;
Gifl component ofths Unapplied total return	permanent			endowment			5,091,310	20,061,888	5,091,310 20,061,888
Total							5,091,310	20,061,888	25,153,198
Movements in the reporting		period:
Investment return: Income,		dividends			and	interest		700,826	700,826
Investment return: realised		and		unrealised		gains		1,874,367	1,874,367
Less: Investment management				costs				(155,558)	(155,558)
Nst unapplied total return								2,419,635	2,419,635
Unapphed total return ths reporting period	allocated			to income		in		(1,050,000)	(1,050,000)
Net movement in ths	reporting		period					1,369,635	1,369,635
At end ofthe reporting	period:
Gift component ofthe Unapplied total return	permanent			endowment			5,091,310	21,431,523	5,091,310 21,431,523
Total							5,091,310	21,431,523	26,522,833

ummary offund	movements:
			Income	Restricted	Endowment
		Total	Fund f	Fund f	Fundf
Charity Funds as	at 1 April 2021	34,657,040	9,007,827	496,015	25,153,198
Income		2,147,386	1,446,560		700,826
Expenditure		(2,647,086)	(2,474,424)	(17,104)	(155,558)
Transfers between	funds		1,050,000		(1,050,000)
Gains and losses	on investments	1,874,367			1,874,367
Charity Funds as	at 31 March 2022	36,031,707	9,029,963	478,911	26,522,833

Total staff costs during the year were:
	2022f	2021f
Remuneration	1,077,214	970,058
Social security costs	80,528	77,292
Pension cost	41,502	41,289
	1,199,244	1,088,640

ummary	o	fnet	asse	ts by fund
						Income	Restricted	Endowment
					Total	Fund	Fund	Fund
					2022f	2022f	2022	2022 f.
investments		(at Market Value)			19,279,749			19,279,749
Cash					2,207,924	1,178,855		1,029,069
Stock					7,244	7,244
Debtors					239,494	164,003		75,491
Creditors					(381,581)	(381,581)
Free reserves					21,352,830	968,521		20,384,309
Housing	Association			loans	(92,106)	(92,106)
Investment		property			6,138,524			6,138,524
Property	in	the course of construction			187,993	187,993
Housing		Association			711,623	232,712	478,911
Scheme	property
Equipment					482,601	482,601
Building	improvements				7,243,358	7,243,358
					36,024,823	9,024,529	478,911	26,522,833
Investment		Fund						5,091,310
Unapplied		Total	Return					21,431,523
Total Endowment			Fund					26,522,833

ummary	o	fnet	asse	ts by	fund (continued	)
							Income	Restricted	Endowment
						Total	Fund	Fund	Fund
						2021 6	2021f	2021 6	2021 6
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			Scheme	737,038	241,023	496,015
property
Equipment						298,806	298,806
Buikiing	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

The subsidiary Is not registered with the social housing regulator March 2022 are set out below.	. The results of the subsidi	ary company
	2022f	2021f
Turnover
Cost ofsales and administration	(3,869)	(3,016)
Charitable donation
Net profit/(loss)	(3,869)	(3,016)
Ths aggregate ofassets liabilities snd reserves was:
	2022	2021
Current assets	185,008	182,976
Current liabilities	(191,892)	(185,991)
	(6,884)	(3,015)

Statement ofFlnan	c	(al	A	ctivities 3	1 March 2021
					Income	Restricted	Endowment		2021
					Fund	Fund	Fund		Total
					6	r.		6	8
Income and endowments			from;
Dane tons end legac/es					58,054				58,054
incame iiom charitable	acfivities
Net contributions from residents					1,301,974				1,301,974
Olher trading achvrties
FuncUans
Shap income									135
invsaimenis
Property Income							240,613		240,613
Interest and investment				income			408,163		408,163
receivable
Olher income					2,017				2,017
Totallncome and endowments					1,362,180		648,776		2,010,956
Expenditure on:
Cost ofraising funds
Investment management		costs					133,818		133,818
Expendilurs on cheriiehie		aclrvarssr
Services					1,214,163				1,214,163
Management					479,572				479,572
Maintenance					340,068				340,068
Depredation					259,398	17,104			278,502
Expenditure on alber tradng			activities
Functions expenditure
Otharaxpsndxure					2,453				2,453
Total expenditure					2,295,662	17,104	133,818		2,446,584
Nst Income I (expenditure)				before
gains
and losses on Investments					(933,482)	(17,104)	514,958		(435,628)
Net gams I(losses) on investments							3,270,987		3,270,987
Net income I(expenditure)					(933,482)	(17,104)	3,785,945		2,835,359
Transfers between funds							(900,000)
Net movsmsnt in funds					(33,482)	(17,104)	2,885,945		2,835,359
Reconcalatlon offunds
Total funds brcught forward					9,038,294	513,119	22,267,253		31,818,666
Total funds carried forward					9,004,812	496,015	25,153,198		34,654,025