2020-12-31-accounts - Dr Milley's Hospital

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DR MILLEY'S HOSPITAL (Charity Commission Reference Number 214782)

Annual Report and Accounts

For the year ended 31st DECEMBER 2020

DR MILLEY'S HOSPITAL

Significant Information

Registered Office

65 Burton Old Road West, Lichfield, Staffordshire, WS13 6EW

Charity Registration number

214782

Operational address: 7 Beacon Street, Lichfield, Staffordshire, WS13 7AA Officers ; Chairman: Mr P Woolliscroft

Administrator to the Trustees Mrs R Vinnicombe

Trustees Mr R Hartley Ms E Price Mrs S Marshall Mrs C Rapley Mrs J Metcalfe Mrs C Tipper Miss A Parkhill Mr P Woolliscroft Mr P E M Parsons Mrs N Walford

Mrs S Marshall resigned on 24th February 2021

Under the Trust deed (amended 15th July 2010, 11th March 2012, 14th March and 25th July 2013, 12 March and 19th November 2015 and 6th June 2019) the number of Trustees is set at 13, made up as follows.

1 Ex-officio, being the current Dean of the Cathedral of Lichfield 2 Nominated -
- 1 by Lichfield City Council
- 1 by the Dean and Chapter of the Cathedral Church of Lichfield
; 10 Co-opted The appointments of Nominated and Co-opted Trustees are for terms of 4 years, with a maximum of 12 years being served.

The Trust deed requires that

the Trustees meet at least twice each year,
the Chairman, or any 2 Trustees, may call additional meetings at any time
= aquorum for the meetings is 5 Trustees being present. - the Trustees, at their first ordinary meeting in each year, shall elect one of their number to be chairman of their meetings.

Property Custodian

The Official Custodian for Charities Holds the title to the property at 7 Beacon Street, Lichfield on behalf of the Trustees of Dr Millley's Hospital

Advisers Bankers: National Westminster bank Plc, 47 Market Street, Lichfield, Staffordshire, WS13 6YB CCLA Investment Managers Ltd COIF Charity Funds 80 Cheapside, London, EC2V 6DZ

Independent Examiner

Investment Managers

C T Edwards FCCA

C T Edwards Ltd, 26 Darnford Moors, Lichfield, Staffordshire, WS14 9RL Brewin Dolphin Ltd 9 Colmore Row, Birmingham B3 2BJ

DR MILLEY'S HOSPITAL

Trustees’ Report

The Trustees present their report and the accounts for the year ended 31st December 2020. The financial statements have been prepared in accordance with the accounting policies on page 8 and comply with the Charity's trust deed and applicable law.

Structure, Governance and Management

Governing Document

The Charity was established in 1424 and is administered under a trust deed dated 13th March 2007 (amended by memoranda dated 15th July 2010, 11th March 2012, 14th March and 25th July 2013, 12 March and 19th November 2015 and 6th June 2019), and is a registered charity (No 214782).

The objects of the charity as set out in its Governing Scheme are -

1 (A) The provision of housing accommodation for poor women who:-
i) are in need, hardship or distress; and
ii) are resident in the area covered by Lichfield District Council
(B) Such charitable purposes for the benefit of the residents as the Trustees decide.
2 The Trustees must give preference to those persons resident in the City of Lichfield
3 The land and buildings must be retained by the Trustees for the objects of the Charity.

The trustees also have had regard to the Charity Commission's guidance on public benefit.

Trustees

Trustees are recruited in a variety of ways (e.g. advertising, direct approach to the charity), unless nominated, with a preference to have new trustees who can bring new skills to the trustee body.

Details of what the duties of a trustee are & what Dr Milley's Hospital does are then sent to prospective trustees, followed by an interview with 2 or 3 existing trustees.

Trustees are offered the opportunity to go on training courses etc. run by The National Association of Almshouses.

Related Parties

Dr Milley's Hospital is a member of The National Association of Almshouses (The Almshouse Association). Membership requires the Charity to adhere to its standards and guidelines in respect of its governance, personnel practices and operational services.

Investment policy and performance

The Trustees have engaged Brewin Dolphin as investment advisers and portfolio mangers. The policies adopted are to achieve both income and growth through diversified risk.

Regrettably, in line with the general trend in the financial markets, primarily as a consequence of COVID-19, investment income has decreased and the overall market value of investments has suffered a decrease between year ends.

Risk management:

The Trustees have considered the major strategic business and operational risks which the charity faces and believe them to be minimal. The Trustees believe that the established reporting systems will enable them to identify potential future risks and take remedial action to minimise the impact of those risks.

General Data Protection Requlation (GDPR):

In compliance with and following the guidelines issued by The National Association of Almshouses, a data protection policy was implemented in July 2018 and updated on 22nd October 2020.

DR MILLEY'S HOSPITAL

Trustees’ Report (continued)

Achievements and Performance during the year

When planning the activities for the year, the trustees have considered the Commission's guidance on public benefit.

The principal activity of the Charity continues to be the provision of affordable accommodation for ladies of limited means within Lichfield District.

Due to the confines of the legislation regarding COVID-19 maintenance of the building has had to be undertaken when restraints allowed, as such anything not warranted to be urgent has had to be held over. However, two studio apartments were repainted prior to new occupants, and one studio apartment was completely revamped. The six one-bedroom flats all had new fire doors fitted in the bedrooms, and work was undertaken in the Dennis Birch Room.

Two trustee meetings were held in person in 2020, the rest being held via email agreement.

During the year, the trustees were unable to open the building to any tours.

Financial Review

The charity's main sources of income continue to be from its residents’ contributions, a portfolio of investments and interest on its bank balances. The impact of COVID-19 has had a detrimental effect on the levels of this income, but fortunately, the overall value of the investment portfolio had only decreased by some 2% at the year end.

The charity's expenditure comprises primarily the regular maintenance and refurbishment of its building, together with associated administration costs (including the employment of a part-time administrator).

No transfer has been made into the Extraordinary Repair Fund this year in view of the major refurbishment "expenditure already agreed.

Full details of income and expenditure are set out in the Statement of Financial Activities on page 6 and the accompanying notes.

----- Start of picture text -----
Reserves Policy
Total Reserves 425,252
Less:
Endowment Funds 139,849
Designated Funds 209,359
Tangible Fixed Assets 1
(349,209)
Unrestricted Funds available 76,043
----- End of picture text -----

The Unrestricted funds available amount to some 27 months running costs based on current activity levels. In the Trustees’ view, the reserves plus the Extraordinary Repair Fund should continue to provide the charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. The trustees propose to maintain the charity's reserves at a level which is at least equivalent to six months operational expenditure and have done so having regards to its manner of operation of likely funding streams. The trustees review the amount of reserves that are required to ensure that they are adequate to fulfil the charity's continuing obligations on an annual basis.

Plans for future periods

It is proposed that the planning day which had to be cancelled will be scheduled for later in 2021 when the following matters are to be discussed:

Future plans for Dr Milley's
Investments
The ramifications of becoming a C.1.0

Trustees’ Report (continued)

Trustees’ responsibility for the accounts

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ;

The law applicable to charities in England and Wales requires 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 its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles of the Charities SORP;:
make judgments 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.

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 requirements of the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and iother irregularifes.olliscroft“ae on 11th March 2021 and signedon their behalf by: Trustee

Independent Examiner’s Report to the Trustees of DR MILLEY'S HOSPITAL

| report to the trustees on my examination of the accounts of the Charity for the year ended 31st December 2020, which are set out on pages6 to 11.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclosures in the accounts and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

_ Independent examiner's statement

In connection with my examination, no matter has come to my attention:

1 which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the Charities Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met,

2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

$apalerr

C T Edwards, FCCA

C T Edwards Ltd

26 Darnford Moors,

Lichfield, Staffordshire

11th March 2021

DR MILLEY'S HOSPITAL Statement of Financial Activities

For the year ended 31st December 2020

		UNRESTRICTED	DESIGNATED	ENDOWMENT	TOTAL FUNDS	2019
		FUNDS	FUNDS	FUNDS
Income	Notes	£	£	£	£	£
Grants and donations received	2	0	0		0	296
Residents’ contributions		39,017			39,017	40,527
Investment income		6,004	198	;	6,202	8,036
Interest received		12	29		41	69
Other income		66			66	448
Total Income		45,099	227		45,326	49,376
Expenditure
Raising funds
Investment managers’ charges		1,495	230		1,725	1,840
Charitable activities	3	33,987			33,987	52,108
Total Expenditure		35,482	230		35,712	53,948
Net income/(expenditure) before
investment gains/(losses)		9,617	(3)		9,614	(4,572)
Net gains/(losses) on investments		(1,770)	(4,750)	(4,139)	(10,659)	52,822
Net Income		7,847	(4,753)	(4,139)	(1,045)	48,250
Transfers between funds
"Net Income/(expenditure)		7,847	(4,753)	(4,139)	(1,045)	48,250
Other recognised gains and losses		-	=	=	=	:
Net movement in funds		7,847	(4,753)	(4,139)	(1,045)	48,250
Reconciliation of Funds
Total funds brought forward		68,197	214,112	143,988	426,297	378,047
TotalFundsCarriedForward		76,044	209,359	139,849	425,252	426,297

The notes on pages 8 to 11 form an integral part of these accounts

DR MILLEY'S HOSPITAL Balance sheet as at 31st December 2020

		UNRESTRICTED	DESIGNATED	ENDOWMENT	TOTAL FUNDS	2019
		FUNDS	FUNDS	FUNDS
	Notes	£	£	£	£	£
FIXED ASSETS
Tangible assets	7	1		37,170	37,171	37,179
Investments	8	65,953	208,938	97,381	372,272	385,332
		65,954	208,938	134,551	409,443	422,511
CURRENT ASSETS
Debtors	9	3,475			3,475	3,753
Cash at bank and in hand		28,751	424	5,299	34,474	22,649
		32,226	424	5,299	37,949	26,402
CREDITORS: Amounts falling due
within oneyear	10	(3,108)			(3,108)	(3,404)
NET CURRENT ASSETS		29,118	424	5,299	34,841	22,998
TOTAL ASSETS LESS CURRENT
LIABILITIES		95,072	209,362	139,850	444 285	445,509
CREDITORS: Amounts falling due
aftermore than one year	11	(19,033)			(19,033)	(19,212)
		76,039	209,362	139,850	425,252	426,297
FUNDS	VEE EE
Endowment Funds				139,849	139,849	143,988
Designated Funds			209,359		209,359	214,112
General Funds		76,044			76,044	68,197
		76,044	209,359	139,849	425,252	426,297
ss on11thMarch2021 andsignedon r oolliscroft			ontheirbehalfby:
Trustee

The notes on pages 8 to 11 form an integral part of these accounts

DR MILLEY'S HOSPITAL For the year ended 31st December 2020 Notes to the Accounts

1 Accounting policies

Basis of Accounting.

(a) The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
(b) Advantage has been taken of the exemption available in section 7 of FRS102 in not preparing a statement of cash flows.
(c) The charity meets the definition of a public benefit entity as defined by FRS 102.

Income.

Donations and legacies are accounted for when received by the Charity. Other income is accounted for on an accruals basis as far as it is prudent to do so.

Grants receivable.

Revenue grants are credited to the income and expenditure account as received, unless related to a specific period or project, when they are placed in a restricted fund until used.

Support costs

Support costs are allocated to or apportioned between activity cost categories where appropriate on a basis consistent with the use of resources.

, Taxation.

As a registered Charity the Charity benefits from rates relief and is generally exempt from Income Tax and Capital Gains Tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Investments.

Investments are stated at market value.

Realised gains and losses (based upon the Balance Sheet values shown in the accounts of the previous year) are taken to the Statement of Financial Activities.

Investment Income has been taken into account on the basis of due date of payment.

Depreciation

Housing properties are stated at cost, which can include the following:-

| Cost of acquiring land and buildings ii Professional fees iii Development fees and costs iv Capitalised interest

No depreciation is provided in respect of Housing properties.

Depreciation of other tangible fixed assets is provided at the following annual rates in order to write off each asset over in equal annual instalments its estimated useful life:

Fixtures and fittings 10 % straight line

DR MILLEY'S HOSPITAL For the year ended 31st December 2020 Notes to the Accounts (continued)

2 Grants and donations received

	2	Grants and donations received
			UNRESTRICTED	DESIGNATED	ENDOWMENT	TOTALFUNDS	2019
			FUNDS	FUNDS	FUNDS
			£	£		£	£
		Open Day donations				-	259
		Other small donations	0		.	-	37
			0	0	0	0	296
	3	Charitable activities
			UNRESTRICTED	DESIGNATED	ENDOWMENT	TOTALFUNDS	2019
			FUNDS	FUNDS	FUNDS
		Housing accommodation	£	£E		£	£
		Utilities and services	4,290			4,290	4,466
		Services supplied	1,356			1,356	1,886
		Management and administration	11,863			11,863	11,471
		General repairs and maintenance	7,760			7,760	8,091
		Refurbishments	1,719	0		1,719	18,348
		Advertising (lettings)	0			-	0
		Bad debts - Residents' contributions
		written off/ recovered (net)	5			5	546
			26,993	0	0	26,993	44.808
		Support costs
		Insurance	1,591			1,591	1,436
F		Postage, stationery and telephone	309			309	320
		Maintenance of office equipment	365			365	433
		Subscriptions	220			220	218
		Professional fees	818			818	1,070
		Sundry expenses	417			417	440
		Loan interest	1321			1,321	1,336
		Depreciation	8			8	59
		Governance costs
		Indemnity insurance	399			399	408
		Emoluments ofemployees	900			900	900
		Independent examiner's remuneration
		and associated costs	600			600	600
		Cost ofTrustees’ meetings	46			46	80
		Total costs - charitable activities	33,987	0	0	33,987	52,108
	4	Staff costs and Trustees’ remuneration
						2020	2019
						£	£
		Salaries (1parttimeemployee:	2019-1)			12,763	12,371

No employer's national insurance is due because it is covered by the Employers Annual Allowance. No Trustees received remuneration or were reimbursed for expenses in the current or preceding period.

5 Related party transactions

There were no related party transactions requiring disclosure. (2019 none)

DR MILLEY'S HOSPITAL For the year ended 31st December 2020 Notes to the Accounts (continued)

6 Pension scheme The Charity operates a defined contribution scheme for its employee. The assets of the scheme are held separately from those of the Charity in the independently administered scheme operated by NEST. The Charity's sole employee has opted out of the scheme, so no contributions are payable.

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||||||||| |---|---|---|---|---|---|---|---| |7|Tangible|fixed|assets|Land|&|Furniture &|TOTAL| |Buildings|Equipment|FUNDS| |£|£|£| |Cost|or|valuation| |At|1st January 2020|264,844|22,027|286,871| |Additions|0|0| |Disposals|0| |At 31st December 2020|264,844|22,027|286,871| |Depreciation|and|grants|received| |At 1st January 2020|227,674|22,018|249,692| |On|disposals|0| |Charges|for year|____|2| |At 31st December 2020|227,674|22,026|249,700| |Net|book|values| |At|31st December 2020|37,170|1|37,171| |At 31st December 2019|37,170|9|37,179|

----- End of picture text -----

The Charity's land and buildings are stated at original cost. The Trustees are of the opinion that no benefit would ; arise from revaluing the property because the property is used solely for the charitable purposes of the Charity and there is no intention to dispose of any part of it.

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|||||||| |---|---|---|---|---|---|---| |8|Fixed|asset|investments| |UNRESTRICTED|||DESIGNATED|ENDOWMENT|TOTAL FUNDS|2019| |FUNDS|FUNDS|FUNDS| |2|£|£|£| |Listed|investments|at|market|value| |Bonds|10,662|6,116|9,557|26,335|28,520| |UK|Equities| |Oil|& gas producers|3;715|3,715|6,607| |Mining|5,470|5.470|4,503| |Construction|-|.|.| |Pharmaceuticals &|biotechnology|6,227|6,227|8,255| |FoodGas,|&water drug&retailersutilities|6,942|6,942-|7,656-| |Infrastructure|Investment Trusts|31,039|31,039|13,747| |Life Assurance|0|-|4,957| |Collectives|2,278|5,682|7,960|24,757| |UK|Invested|Trusts|0|-|11,219| |Emerging|Markets Equities|2,587|2,587|2,370| |Absolute|Return|3,697|3,697|3,636| |North American|Equities|17,310|24,662|41,972|36,000| |European|Equities|6,931|6,931|6,321| |Japanese Equities|6,895|6,895|6,308| |Asia|Pacific|Equities|9,000|9,000|8,573| |Global|Investments|3,972|19,734|23,706|20,740| |Property and|Investment Trusts|5,029|5,029|-| |M&G|Charity|Multi Asset Funds|182,746|2,021|184,767|191,163| |65,953|208,938|97,381|372,272|385,332|

----- End of picture text -----

DR MILLEY'S HOSPITAL For the year ended 31st December 2020 Notes to the Accounts (continued)

9 Debtors

9	Debtors
		2020	2019
		:	£
	Prepayments	3,475	3,753
10	Creditors: amounts falling due within one year	2020	2019
		E	£
	Housing Corporation loans Accrued expenses	179 2,929	164 3,240
		3,108	3,404
11	Creditors: amounts falling due afterone year
		2020	2019
		£	£
	Housing Corporation loans Repayable between 2-5 years Repayable aftermore than 5 years	1,185 17,848	830 18,382
		19,033	19,212

The loans from the Housing Corporation are secured by a legal charge over the land and buildings at Beacon : Street, Lichfield, Staffordshire. The loans are repayable by quarterly instalments of capital and interest from 1987(when the development was deemed to be substantially complete) over periods of 30 years in respect of the refurbishment of the main building, and 60 years in respect of the extension. There is no entitlement for repayment other than by the quarterly instalments. The loans carry an interest rate of 9.5%.

12 Funds

----- Start of picture text -----
Brought Income | Expenditure Transfers |Gains and Carried
forward (Losses) forward
£ £ £ £ £ £
Unrestricted Fund 68,197 | 45,099 | (35,482)| = |—(1,770)| —_76,044
Designated Funds:-
Extraordinary Repairs Fund 188,977 324 (230) (6,330) 182,741
Endowment Funds 143,988 a ee ee (4,139) | 139,849
426,297 45,326 | (35712)| 0| (10,659)| 425,252
The Extraordinary Repair Fund comprises general funds that the Trustees have designated be retained to meet
substantial or abnormal property maintenance costs.
The Trust Fund comprises investment funds raised by a previous chairman during his term of office, the income
from which the charity may use to support its charitable activities.
----- End of picture text -----

The Endowment Funds comprise the balance remaining of the original property and assets vested in the Charity, together with subsequent capital grants, bequests and donations with terms providing that the Charity may only use the income arising from those funds.