**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:
- h select suitable accounting policies and then apply them consistently;
- h observe the methods and principles in the Charities SORP;
- h make judgements and estimates that are reasonable and prudent;
- h state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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|
Page 5
## **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.
Page 7
## **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%,
Page 8
## **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.
Page 9
Page 9
## **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|
Page 10