THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Registered Charity No: 215518
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD
CONTENTS OF THE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| PAGE | |
|---|---|
| CHARITY INFORMATION | 2 |
| REPORT OF THE TRUSTEES | 3 - 4 |
| REPORT OF THE INDEPENDENT EXAMINER | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 6 |
| BALANCE SHEET | 7 |
| NOTES TO THE FINANCIAL STATEMENTS | 8 - 14 |
Page 1
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD
Charity Information for the Year ended 31 December 2023
| TRUSTEES: | StJohn Brown |
|---|---|
| Linda Skinner | |
| Alexandra Durrant FCA | |
| Robert Marchant | |
| Christine Rea | |
| Judy Busby | |
| SECRETARY: | Linda Skinner |
| CHARITY ADDRESS: | Cobble Court |
| Hammerwood | |
| East Grinstead | |
| West Sussex | |
| RH19 3QE | |
| CHARITY NUMBER: | 215518 |
| INDEPENDENT EXAMINER: | Darren Harding ACCA FCCA DChA |
| Richard Place Dobson Services Limited | |
| Chartered Accountants | |
| 1-7 Station Road | |
| Crawley | |
| West Sussex | |
| RH10 1HT | |
| BANKERS | Barclays Bank PLC |
| 10-12 The Martletts | |
| Crawley | |
| West Sussex | |
| RH10 1ES | |
| Lloyds Bank PLC | |
| London Road | |
| East Grinstead | |
| West Sussex | |
| RH19 1AH |
Page 2
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Report of the Trustees for the year ended 31 December 2023
The trustees present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the league’s rules and constitution, the Charities Act 2021 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 (FRS 102) (effective 1 January 2019)”.
Trustees
The trustees during the year under review were:
StJohn Brown – chairman Miss L V Skinner – secretary Mrs A B Durrant – treasurer Dr A J Robertson (resigned 26/04/2024) R B Marchant Mrs C Rea Mrs Judy Busby
Since the financial year end Dr Andrew Robertson, a long standing trustee, has died following a short illness. Andrew had been a trustee for fifteen years and was Chairman for seven years. He was a much loved local GP as well as an anesthetist at the Queen Victoria Hospital. Andrew was devoted to the hospital and The League of Friends, and we, as trustees, will miss his wise counsel and good company
Structure, Governance and Management
The League of Friends of the Queen Victoria Hospital, “the league”, was constituted in 1949 and was registered with the Charity Commission under charity number 215518 on 31 January 1963. The governing document of the league is the “Rules and Constitution” approved on 29 May 1961 as amended by resolutions passed on 17 June 1963, 25 June 2018, 20 September 2021, 13 October 2022 and 1 September 2023.
Under the governing document the league is run by the trustees whose powers and responsibilities are defined in the document. The trustees decide on the policies to be adopted in the pursuance of the objectives of the league.
The trustees have set out a risk management strategy which comprises an annual review of the risks faced by the league and the establishment of systems and procedures to mitigate those identified risks.
New trustees are recruited, based on their experience and skills, from the local community so as to provide the league with a broad knowledge base relevant to its objectives.
New trustees are approved and appointed by existing trustees and training is provided where necessary.
Page 3
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Report of the Trustees for the year ended 31 December 2023 (continued)
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
Objectives and Activities
The principal objectives of the league, under its governing document, are to support the needs of the patients and staff of the Queen Victoria Hospital and to encourage, foster and maintain both the interest and support of the public in their local hospital.
The trustees are mindful of the Charity Commission’s guidance on public benefit when planning the league’s activities and expenditure.
Activities and performance for the year
Total income for the year was £54,029 (2022 - £444,310). Income in 2023 comprises subscriptions, donations, legacies and investment income.
Direct charitable expenditure for the year was £85,413 (2022 - £83,287) and running costs were £1,727 (2022 - £2,170). At 31 December 2023 the trustees had reviewed and approved grants applications received from the Queen Victoria Hospital for hospital projects in the region of £63,368 (2022 - £3,000) which will be funded during 2024.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Reserves Policy
The trustees’ reserves policy is to maintain funds, held on deposit and in investments, at a sufficient level to be able to settle previously approved grant requests from the Queen Victoria Hospital as and when invoiced.
Statement of Trustees Responsibilities
The trustees are responsible for preparing the financial statements in accordance with the requirements of the Charities Act 2011.
On behalf of the trustees
Linda Skinner – Secretary
J['\ L'\ ] ___[.� ] r,c�__,, _ 2024
Page 4
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Independent Examiner’s Report to the Trustees of The League of Friend of the Queen Victoria Hospital
I report to the trustees on my examination of the financial statements of The League of Friends of the Queen Victoria Hospital (The Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of The Leagues’ accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 financial statements do not accord with those records, or
-
(3) the financial statements do not comply with the applicable requirements concerning form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
Darren Harding ACA FCCA DChA, on behalf of Richard Place Dobson Services Limited Chartered Accountants
1-7 Station Road Crawley West Sussex RH10 1HT Date: ______2024 29 May
Page 5
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Statement of Financial Activities for the Year Ended 31 December 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Incoming Resources | ||||
| Donations | 740 | 1,248 | ||
| Legacies | 14,069 | 414,909 | ||
| Activities in furtherance of | ||||
| charitable objectives | 1,898 | 1,192 | ||
| Investment income | 37,322 | 26,961 | ||
| ______ | ______ | |||
| 54,029 | 444,310 | |||
| Resources Expended | ||||
| Direct charitable expenditure | 85,413 | 83,287 | ||
| Support costs | 1,727 | 2,170 | ||
| ______ | 87,140 | ______ | 85,457 |
|
| ______ | ______ | |||
| Net Incoming Resources for year | (33,111) | 358,853 | ||
| Investment Revaluation | (21,191) | (27,471) | ||
| ______ | _ | |||
| (54,302) | 331,382 | |||
| Funds at 1 January 2023 | 760,303 | 428,921 | ||
| ______ | ______ | |||
| Funds at 31 December 2023 | £706,001 | £760,303 | ||
| ====== | ====== |
There were no recognised gains or losses for 2023 or 2022 other than those included in the Statement of Financial Activities.
For the analysis of restricted, designated and unrestricted funds, see notes 11, 12 and 13
The notes form part of these financial statements Page 6
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
| Balance Sheet at 31 December 2023 | Balance Sheet at 31 December 2023 | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Note | |||
| Fixed Asset Investments | |||
| At market value | 9 | 640,389 | 561,580 |
| ======== | |||
| Current Assets | |||
| Bank account | 132,681 | 259,689 | |
| Creditors,amounts falling | |||
| due within one year | 10 | (67,069) | (60,966} |
| -------- | |||
| -------- | |||
| Total Net Assets | £706,001 | £760,303 | |
| ======== | ======== | ||
| Represented by: | |||
| Restricted Funds | 11 | 29,489 | 29,489 |
| Designated Fund | 12 | 640,389 | 561,580 |
| Unrestricted Funds | 36,123 | 169,234 | |
| £706,001 | £760,303 | ||
| ------ | |||
| The financial statements were on its behalf by: |
',, '\ - approved by the trustees onc 'If \l\ 2024 and were signed _ |
Alexandra Durrant - Treasurer
The notes form part of these financial statements Page 7
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Notes to the Financial Statements for the Year Ended 31 December 2023
1) Accounting Policies
Accounting convention
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to UK and Republic of Ireland (FRS102) effective 1 January 2019”, Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following 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 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Financial Reporting Standard 102 – reduced disclosure exemption
The charity has taken advantage of the following disclosure exemption in preparing these financial statements as permitted by FRS102 “The FRS applicable to UK and Republic of Ireland – the requirement of section 7 statement of cash flows.
Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date on which the report and financial statements are signed. For this reason it continues to adopt the going concern basis in the financial statements.
Incoming resources
Donations and subscription are credited to income in the period to which they relate. Legacies are credited to income when received.
Income from investments are credited to income in the year of receipt.
Gifts in kind, such as work by volunteers, is much appreciated by the trustees, but is not reflected in the financial statements.
The notes form part of these financial statements
Page 8
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
1) Accounting Policies - continued
Expenditure recognition
Direct charitable expenditure includes grants paid to the hospital for equipment or hospital running costs. This expenditure is recognised in the financial statements when invoiced by the hospital.
Support costs include the cost of governance incurred in meeting constitutional and statutory requirements. These are charged to expenses on the accruals basis.
Fixed assets
Fixed assets are capitalised only where the cost exceeds £500.
Fixed asset investments
Investments are initially recognised at their transaction value and then measured at market value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposal during the year. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired during the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
Cash and creditors
Cash at bank includes cash held in current and deposit accounts.
Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
Judgement and key sources of estimation or uncertainty
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However the nature of estimation means that actual outcomes could differ to those estimates. The main judgement and accounting estimates included in the financial statements is accruals. The trustees have made estimates to establish costs in respect of potential liabilities at the balance sheet date.
The notes form part of these financial statements Page 9
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
1) Accounting Policies - continued
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity.
Restricted funds are to be used for the specific purposes as laid down by the donor and may not be used for any other purpose.
Designated funds are those set aside by the trustees for hospital projects requiring specialised equipment.
2) Taxation
No liability to taxation arises as the charity is exempt from income tax and capital gains tax.
3) Investment Income
| 3) Investment Income | ||
|---|---|---|
| 2023 | 2022 | |
| Interest and dividends received | £37,322 | £26,961 |
| ====== | ====== | |
| 4) Donations & Legacies | ||
| 2023 | 2022 | |
| Donations and gifts | 740 | 1,248 |
| Legacies | 14,069 | 414,909 |
| ______ | _____ | |
| £14,809 | £416,157 | |
| ====== | ====== | |
| Subscriptions | 1,013 | 1,192 |
| Gift Aid | 885 | 0 |
| ______ | _____ | |
| £1,898 | £1,192 | |
| ====== | ====== | |
| 5) Direct Charitable Expenditure | ||
| 2023 | 2022 | |
| Hospital equipment | 82,747 | 80,508 |
| Fish tank maintenance | 2,666 | 2,779 |
| _ | _ | |
| £85,413 | £83,287 | |
| ====== | ====== |
The notes form part of these financial statements Page 10
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
6) Support and Governance Costs
| 6) Support and Governance Costs | ||
|---|---|---|
| 2023 | 2022 | |
| Printing, postage and stationery | 209 | 408 |
| Independent examiners fee | 1,518 | 1,518 |
| Trustee expenses | 0 | 244 |
| ______ | _____ | |
| £1,727 | £2,170 | |
| ====== | ====== |
7) Independent Examiner’s Remuneration
The independent examiner’s remuneration for services was £1,518 (2022 - £1,518).
8) Trustees Remuneration and Reimbursed Expenses
No trustee received any remuneration for their duties or for any other services provided to the league.
Trustees were reimbursed expenses incurred on behalf of the league when supported by documentation.
9) Fixed Asset Investment
Investments comprise 44,626.71 units in M & G Charifund Income Fund (2022 – 38,215.179).
| 2023 | 2022 | |
|---|---|---|
| Cost: | ||
| At 1 January 2023 | 545,676 | 345,676 |
| Additions | 100,000 | 200,000 |
| _ | _ | |
| At 31 December 2023 | £645,676 | £545,676 |
| ======= | ======= | |
| Market value at 1/1/23 | 561,580 | 389,051 |
| Units purchased | 100,000 | 200,000 |
| Revaluation | (21,191) | (27,471) |
| _ | _ | |
| Market value at 31/12/23 | £640,389 | £561,580 |
| ======== | ======= |
The notes form part of these financial statements
Page 11
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
10) Creditors, amounts falling due within one year
| itors, amounts falling due within | one year | |
|---|---|---|
| 2023 | 2022 | |
| Accruals | 67,069 | 60,966 |
| ______ | ______ | |
| £67,069 | £60,966 | |
| ====== | ===== |
11) Reserves - Restricted Fund
Restricted funds comprise:
Corneo Plastics Fund £5,365 (2022 - £5,365) – being donations received for such projects Margaret Duncombe Fund £100 (2022 - £100) – being donations received for the named ward All Plastics Departments Fund £24,024 (2022 - £24,024)
| 2023 | 2022 | |
|---|---|---|
| At 1 January 2023 | 29,489 | 29,489 |
| Incoming resources for year | 0 | 0 |
| Expenditure for year | 0 | 0 |
| ______ | ______ | |
| At 31 December 2023 | £29,489 | £29,489 |
| ====== | ====== | |
| serves – Designated Fund | ||
| 2023 | 2022 | |
| At 1 January 2023 | 561,580 | 389,051 |
| Transfer from unrestricted funds | 100,000 | 200,000 |
| Expenditure in the year | 0 | 0 |
| Investment revaluation | (21,191) | (27,471) |
| _ | _ | |
| At 31 December 2023 | £640,389 | £561,580 |
| ======= | ======= |
12) Reserves – Designated Fund
The designated fund has been set aside by the trustees for hospital projects, to purchase specialised equipment for departments within the hospital. The fund comprises investments at market value £640,389 (2022 - £561,580). Included in designated funds is a revaluation reserve of £(5,287) (2022: £15,904)
The notes form part of these financial statements Page 12
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
13) Reserves – Unrestricted Fund
| serves – Unrestricted Fund | ||
|---|---|---|
| 2023 | 2022 | |
| At 1 January 2023 | 169,234 | 10,381 |
| Income for year | 54,029 | 444,310 |
| Expenditure for year | (87,140) | (85,457) |
| Transfer to designated fund | (100,000) | (200,000) |
| _ | _ | |
| At 31 December 2023 | £36,123 | £169,234 |
| ======= | ======= |
14) Grants approved at the year end
At 31 December 2023 the trustees had reviewed and approved grant applications received from the Queen Victoria Hospital for hospital projects in the region of £54,000 (2022 - £3,000). As the final cost will not be known, until the project is completed and invoiced by the hospital trust, no accrual has been made in these financial statements.
Accruals have been made in the financial statements for grants approved in 2023 where invoices have been received in January 2024. These amount to £65,552 see note 10 (2022 - £59,448).
The notes form part of these financial statements Page 13
THE LEAGUE OF FRIENDS OF THE QUEEN VICTORIA HOSPITAL EAST GRINSTEAD Charity Number: 215518
Income and Expenditure Account for the Year Ended 31 December 2023 (for information of the Trustees only)
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Income | ||||
| Donations received | 740 | 1,248 | ||
| Subscriptions received | 1,013 | 1,192 | ||
| Interest received | 37,322 | 26,961 | ||
| Legacy | 14,069 | 414,909 | ||
| Gift aid tax reclaimed | 885 | 0 | ||
| ______ | ______ | |||
| 54,029 | 444,310 | |||
| Expenditure | ||||
| Direct charitable expenditure | 85,413 | 83,287 | ||
| Independent examiner’s fee | 1,518 | 1,518 | ||
| Postage and printing re AGM | 209 | 408 | ||
| Trustee expenses | 0 | 244 | ||
| ______ | 87,140 | _____ | 85,457 | |
| ______ | _ | |||
| Surplus/(deficit) for the year | £(33,111) | £358,853 | ||
| ====== | ======= |
Page 14