DR MILLEY'S HOSPITAL Registered charity number: 214782
ACCOUNTS YEAR ENDED 31 DECEMBER 2024
Dains Audit Ltd
Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 9DS
DR MILLEY'S HOSPITAL INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
| PAGE | |
|---|---|
| Annual Report | 1-3 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7-10 |
DR MILLEY'S HOSPITAL ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Reference and administrative information
Trustees: Ms E Price Chairman Co-opted Ms W Dee Co-opted Mrs J Douthwaite Appointed 7 March 2024 Co-opted Mrs S Gallagher Resigned 22 May 2025 Co-opted Ms D Greatorex Co-opted Mr R Hartley Co-opted Mrs R Harvey-Coggins Lichfield City Council Mrs S Linger Dean and Chapter Mr M Lupton Co-opted Mrs G Ryan Co-opted Mrs C Tipper Co-opted Mr D Werry Appointed 18 July 2024 Ex officio Mr P Woolliscroft Resigned 2 February 2024 Co-opted
The constitution provides for the appointment of two nominated, one ex-officio and up to ten co-opted trustees. Nominated trustees and co-opted trustees serve for four years, with a maximum term of 12 years.
The ex-officio trustee is the Dean of Lichfield Cathedral (or their nominated representative). Lichfield City Council and the Dean and Chapter of the Cathedral Church of Lichfield are each entitled to appoint one trustee.
Principal Address: Margarite Burnell (Administrator) Dr Milley's Hospital Office 7 Beacon Street Lichfield Staffordshire WS13 7AA Charity Number: 214782 Independent Examiner: Mark Gurney FCCA, DChA
Dains Audit Ltd St Johns Court Wiltell Road Lichfield Staffs WS14 9DS Investment Managers: RBC Brewin Dolphin The Chatwin Building 81 Colmore Row Birmingham B3 2AF Bankers: National Westminster Bank plc CCLA Investment Managers
Page 1
DR MILLEY'S HOSPITAL ANNUAL REPORT FOR THE YEAR ENDED 31 December 2024
Report of the trustees for the year ended 31 December 2024
The trustees present their report along with the financial statements of the charity for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the trust deed dated 13 March 2007, as amended, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019.
Structure, Governance and Management
Dr Milley's Hospital was established in 1424 and its governing document is a trust deed dated 13 March 2007, as amended 15 July 2010, 11 March 2012, 14 March 2013, 25 July 2013, 12 March 2015, 19 November 2015, 6 June 2019 and 24 November 2022.
The trustees met regularly throughout the year to discuss the charity's affairs, including consideration of investment, reserves and risk management policies.
Dr Milley's Hospital keeps the skill requirements for its Trustee Body under review and in the event that there is a vacancy, the Board seeks nominations from people within the local community who have the necessary skills and interest. The induction process for any newly appointed trustee comprises an initial meeting with the Board of Trustees, at which a pack is provided. This includes a copy of the governing document, a copy of the latest accounts, a copy of the Charity Commission Guidance 'The Essential Trustee' and 'Charities and Public Benefit'.
Risk Review
Dr Milley's Hospital has examined the major internal and external risks which the Charity faces and confirms that systems have been established to minimise these risks.
Objects and Activities
The Charity is administered by the Administrator, who acts under instructions from the trustees.
Dr Milley's Hospital comprises 10 almshouses situated in Lichfield.
The objects of the charity as set out in its governing document are: 1A) The provision of housing accommodation for poor women who are in need, hardship or distress; and resident in the area covered by Lichfield District Council.
1B) 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.
Public Benefit
The trustees of Dr Milley's Hospital confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit. Residents shall first and foremost be in need and unable to access other accommodation to enable them to stay in the neighbourhood. The trustees are also conscious of their responsibilty to carry out repair and appropriate improvement to a Grade II listed building.
Page 2
DR MILLEY'S HOSPITAL ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued)
Review of Progress and Achievements
The Almshouses continue to provide permanent, secure and well-maintained homes for those that need them in Lichfield. The Trustees and Administrator have had an active year making sure that the dwellings and gardens remain a pleasant environment, up-to-date and of a safe standard.
Policies and processes have been updated in line with the Charity Commission and Almshouse Association guidelines.
At the start of the year, there was a change in the Chair of Trustees and the Administrator left. This had an impact of the finalisation of the move to a CIO, with vesting taking place on 1 January 2025
In June 2024 a garden party was hosted to celebrate 600 years of the Almshouse and later in the year a fundraising concert was held. Coutesy of Lichfield Rock Choir.
Reserves Policy
Charity funds at 31 December 2024 totalled £492,770 comprising permanent endowment £155,909, a designated extraordinary repair fund £238,807 and unrestricted funds of £98,054
Investment Policy and Performance
The extraordinary repair fund is mainly invested in M and G Charity multi asset fund accumulation units. The remaining investments are managed by RBC Brewin Dolphin on a discretionary basis to achieve a balance return from income and capital growth. Over the year the portfolio generated a total return of 8.95%. The Asset Risk Consultants Steady Growth index returned 8.23% over this period.
Trustees' Responsibilities in Relation to the Financial Statements
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
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h select suitable accounting policies and then apply them consistently;
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h observe the methods and principles in the Charities SORP;
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h make judgements and estimates that are reasonable and prudent;
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h state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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h prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
E Price
17 July 2025
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DR MILLEY'S HOSPITAL
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5-10.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Mark Gurney FCCA, DChA of Dains Audit Ltd St John's Court Wiltell Road Lichfield Staffordshire WS14 9DS
17 July 2025
Page 4
DR MILLEY'S HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024
| Income Maintenance Contributions Receivable Bank Interest Income from Listed Investments Grants and Donations Fundraising Other Total Income Expenditure Investment Management Charges Administrator's salary Repairs and Maintenance Refurbishment Utilities and Services Services supplied Bad debts written off Insurance Postage, Stationery and Telephone Almshouse Association Subscription Professional Fees Independent Examiners Fees Sundry Expenses Trustee Indemnity Insurance Loan Interest Fundraising costs Total Net gains/(losses) on investment assets Net Income/(expenditure) Transfer between funds (note 10) Reconciliation of funds: Fund Balances brought forward Fund Balances carried forward |
Unrestricted Other Total Total Income Fund Funds 2024 2023 £ £ £ £ 44,765 44,765 40,373 423 423 884 6,339 6,339 5,573 1,616 1,616 481 1,539 1,539 776 776 150 |
|---|---|
| 55,458 0 55,458 47,461 |
|
| 856 1,047 1,903 1,875 16,686 16,686 13,769 3,608 3,608 18,741 2,685 2,685 15,687 8,270 8,270 6,405 1,438 1,438 1,529 - 1,987 2,353 2,353 2,277 1,044 1,044 436 343 343 308 3,232 3,232 1,530 1,500 1,500 820 1,414 1,414 784 402 402 408 1,759 1,759 1,785 1,452 1,452 |
|
| 47,042 1,047 48,089 68,341 |
|
| 2,785 28,261 31,046 24,638 11,201 27,214 38,415 3,758 25,341 (25,341) 61,512 392,843 454,355 450,597 |
|
| 98,054 394,716 492,770 454,355 |
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DR MILLEY'S HOSPITAL BALANCE SHEET 31 DECEMBER 2024
| Notes Fixed Assets Tangible Assets 5 Listed Investments 6 Current Assets Debtors and Prepayments Cash at Bank and in Hand Current Liabilities Loans falling due within 1 year 7 Creditors and Accruals Net Current Assets Total Assets less Current Liabilities Loans falling due after more than 1 year 7 Net Assets Capital and Reserves Permanent Endowment 8 Designated Reserves 8 Unrestricted Income Fund |
2024 2023 £ £ £ £ 37,170 37,170 450,376 420,784 487,546 457,954 2,623 5,752 28,136 12,125 30,759 17,877 249 237 7,151 2,855 7,400 3,092 23,359 14,785 510,905 472,739 18,135 18,384 492,770 454,355 155,909 146,101 238,807 246,742 98,054 61,512 492,770 454,355 |
2024 2023 £ £ £ £ 37,170 37,170 450,376 420,784 487,546 457,954 2,623 5,752 28,136 12,125 30,759 17,877 249 237 7,151 2,855 7,400 3,092 23,359 14,785 510,905 472,739 18,135 18,384 492,770 454,355 155,909 146,101 238,807 246,742 98,054 61,512 492,770 454,355 |
|---|---|---|
| 454,355 | ||
| 146,101 246,742 |
||
| 61,512 | ||
| 454,355 |
These accounts were approved by the Board of Trustees on 17 July 2025 and signed on their behalf by:
E Price
M Lupton
Page 6
DR MILLEY'S HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. Establishment of Dr Milley's Hospital
Dr Milley's Hospital is an unincorporated charity.
Its governing document is a trust deed dated 13 March 2007, as amended 15 July 2010, 11 March 2012, 14 March and 25 July 2013, 12 March and 19 November 2015, 6 June 2019 and 24 November 2022.
2. Accounting Policies
(a) Basis of Accounting
The financial statements have been prepared in accordance with Accounting and Reporting by by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 01/01/2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts have been prepared on the accruals basis and under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
(b) Housing Properties
Housing Properties are included at cost net of grants received.
No depreciation is provided in respect of housing properties.
(c) Investments
Listed investments are stated at market value.
(d) Cyclical Maintenance Fund
This fund represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
(e) Extraordinary Repairs Fund (ERF)
This fund represents amounts set aside to carry out major repairs to the housing properties.
(f) Permanent Endowment
The permanent endowment represents those funds which must be held permanently by the charity. Income arising on this fund is included as unrestricted income.
(g) Income Funds
The unrestricted income fund comprises those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds may only be spent in accordance with donors wishes.
3. Trustees Remuneration, Expenses and Related Party Transactions
No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any Trustee or to any person or persons known to be connected with any of them. No travelling expenses have been reimbursed during the year (2023-£nil).
4. Taxation
Dr Milley's Hospital is a registered Charity and is therefore exempt from liability to taxation on its income and capital gains.
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DR MILLEY'S HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 5. Housing Properties Cost: Housing Properties at 31.12.23 and 31.12.24 Depreciation and grants received at 31.12.23 and 31.12.24 Net book value 31.12.23 and 31.12.24 |
2024 2023 £ £ 264,844 264,844 227,674 227,674 |
|---|---|
| 37,170 37,170 |
The Official Custodian for Charities holds the title to the property on behalf of the trustees.
6. Listed Investments
| Income | **Designated ** | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Fund | Fund | Fund | 2024 | 2023 | |
| £ | £ | £ | £ | £ | |
| Listed Investments | 93,118 | 238,211 | 117,566 | 448,895 | 417,427 |
| Portfolio cash | (348) | 656 | 1,173 | 1,481 | 3,357 |
| 92,770 | 238,867 | 118,739 | 450,376 | 420,784 | |
| Investments at 01/01/2024 | 64,565 | 246,146 | 106,717 | 417,428 | |
| Additions at cost | 30,564 | 3,000 | 33,564 | ||
| Disposals | (30,137) | (3,006) | (33,143) | ||
| Transfer - note 10 | 25,341 | (25,341) | |||
| Net gain on revaluation | 2,785 | 17,406 | 10,855 | 31,046 | |
| 93,118 | 238,211 | 117,566 | 448,895 |
The portfolio includes the following material holding:
| 1924.133 M & G Charity Multi Asset Accumulation units 7. Loans Due within one year Due after more than 1 year |
2024 2023 £ £ 232,957 215,661 |
|---|---|
| 2024 2023 £ £ 249 237 18,135 18,384 |
|
| 18,384 18,621 |
The loan is in respect of the extension to the main building and is secured by a legal charge over the land and buildings at Beacon Street, Lichfield, Staffordshire.
The loan is repayable by bi-annual instalments of capital and interest from 1987 over a period of 60 years. The loan carries an interest rate of 9.5%,
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DR MILLEY'S HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Other Funds
| Balances at 1 January 2024 Bank Interest Received Investment income Expenditure Unrealised Gains on Investment Revaluation Transfer between funds (note 10) Balances at 31 December 2024 Balances at 1 January 2023 Bank Interest Received Investment income Expenditure Unrealised Gains on Investment Revaluation Transfer between funds (note 10) Balances at 31 December 2023 |
Endowment Extraordinary Trust Total Fund Repair Fund Fund 2024 £ £ £ £ 146,101 221,401 25,341 392,843 - - (1,047) (1,047) 10,855 17,406 28,261 (25,341) - |
|---|---|
| 155,909 238,807 - 420,057 |
|
| Endowment Extraordinary Trust Total Fund Repair Fund Fund 2023 £ £ £ £ 137,386 208,238 24,664 370,288 637 - 215 (852) 8,715 13,163 677 22,555 - |
|
| 146,101 221,401 25,341 392,843 |
9. The Assets and Liabilities of the Charity are represented by the Funds as detailed below:
| Housing Properties Investments Current Assets Creditors: Due within 1 year Creditors: Due more than 1 year Housing Properties Investments Current Assets Creditors: Due within 1 year Creditors: Due more than 1 year |
Income Endowment Extraordinary Trust Total Fund Fund Repair Fund 2024 Fund £ £ £ £ £ 37,170 37,170 92,770 118,739 238,867 450,376 30,759 30,759 (7,400) (7,400) (18,135) (18,135) |
|---|---|
| 98,054 155,909 238,807 492,770 |
|
| Income Endowment Extraordinary Trust Total Fund Fund Repair Fund 2023 Fund £ £ £ £ £ 37,170 37,170 67,325 106,717 221,401 25,341 420,784 17,877 17,877 (3,092) (3,092) (18,384) (18,384) |
|
| 63,726 143,887 221,401 25,341 454,355 |
10. Trust Fund
The Trust Fund comprised funds raised by a previous Chairman. During the year it was agreed to remove the designation and transfer the balance to the Income Fund.
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DR MILLEY'S HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
11 Statement of Financial Activities - comparatives
| Income Maintenance Contributions Receivable Bank Interest Income from Listed Investments Grants and Donations Fundraising Other Total Income Expenditure Investment Management Charges Administrator's salary Repairs and Maintenance Refurbishment Utilities and Services Services supplied Bad debts written off Insurance Postage, Stationery and Telephone Almshouse Association Subscription Professional Fees Independent Examiners Fees Sundry Expenses Trustee Indemnity Insurance Loan Interest Fundraising costs Total Net gains/(losses) on investment assets Net Income/(expenditure) Reconciliation of funds: Fund Balances brought forward Fund Balances carried forward |
Unrestricted Other Total Income Fund Funds 2023 £ £ £ 40,373 40,373 247 637 884 5,358 215 5,573 481 481 - 150 150 |
|---|---|
| 46,609 852 47,461 |
|
| 1,875 1,875 13,769 13,769 18,741 18,741 14,835 852 15,687 6,405 6,405 1,529 1,529 1,987 1,987 2,277 2,277 436 436 308 308 1,530 1,530 820 820 784 784 408 408 1,785 1,785 - |
|
| 67,489 852 68,341 |
|
| 2,083 22,555 24,638 (18,797) 22,555 3,758 80,309 370,288 450,597 |
|
| 61,512 392,843 454,355 |
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