Chity ReglJtralloTr No. 216831 LORD LEYCESTER'S HOSPITAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LORD LEYCESTER'S HOSPITAL LEGAL AND ADMINISTRATIVE INFORMATION Trusteej The Rt Hon The Visc(yJnt De L'ls18 C.V.O M.B.E - Patron Mr T Cox H.M Lord Lleulenanl Mr J Chambgrs Mr M Sewell Dr The Hon P Sldney Mr5 C Cross {resigned 15th February 2024) Mrs L Fellows lappoinled 4th Marth 20241 air D Sklnner {apprynted 4th March 2024) 218831 Charlty numb•r Prfnclpal addro Lord Leycesterfs Hospltal 60 High Street Warwick CV34 4BH Bankers Lloyds TS8 Group PLC 12 Swan St W8rwlck CV34 4 Sollcltors Moore & mbbits 3446 High Street Warwick CV34 4BE Invo8trnernt managofs Smith & Wlllamson Investment Services Limited 25 Moorgate London EC2R 6AY Audltoys Ellaeotts Audll SefViCeS Limtted Counlry%Mde House 23 West Bar Banbury OX16 9SA The Ma8tsr Dr H Meyer Clerk to the Govem Mr J Wassall
LORD LEYCESTER'S HOSPITAL CONTENTS Pago Tru51ees rep)rt statemenl of Tru$ta8s responsibilities Independent audi8 report ststement of flnancial activlUg8 9-10 Balance sheet 11 Notes to the finandal ststements 12-23
LORD LEYCESTER'S HOSPITAL TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present thelr r8POrt and finand81 sl8temgnts for the year ended 31 D8cemb8r 2023. The financl81 ststements have been prepared in accordgnce with the accounting polcles 8et out in note 1 to the Ilnancial statements and Comply with Ihe charity's goveming document. the Charities Act 2011 and "ACentIng and Reporting by Charibes: Ststement of Recommended Practice applicable to charit5 preparfng their acL¥)unts in ac(rdance wth the Flnanclal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102r las amended for accounting periods commencing frcffl 1 January 20191. The Tnjstees of Lord Leycesterfs Hospital are 8lso the Govemors of th8 tharity. REFERENCE AND ADMINISTRATIVE DEfAILS Lord Leycesltt's Hospital's ch8rtty number, prfndpal office, Its Ilsl of Trustees and all it5 key advlsors are set out on legal and admin18tralive information page at the front of Iheso Finanaal Ststements. The lyoard of Trustees have delegated the day4trday activities ofthe charfty to the Mastsr. OBJECTIVES AND ACTIVITIES The Charty provides almshouse accommodatSon al Hlgh SEreel, Warwick for poor and deserving gx-sorvicemen ènd their wves who have serva(I In the armed forces of the crown being men of the particular dasses herelnafter specified in der ot preference. that Is lo say-" FIRST those m8n who were (lisabled durlng their Servi and who have resSded for al least four years preferably in the Borough of Warwlck, the Parish of Kenllworth or the Borough of Stratford upon Avon. all in the County of Warwick, or In the Parish of Wootton under Edge or the Parish ofArfingham. both In the County of Gloucester. but $ubjecl thereto anyvthere in the County of Wgrwck,. SECONDLY Ihose men were not disabled during their seryiG8 but have resided 88 above mentioned., TrIIRDLY those men who were not dlsabled during thelr servl¢e but who h8v& not resided as above mentioned. To achieve these objectives the Charity has to maintaln the historic medieval pmpety. 11 generates income from the propety lo malntaln the property and to provide the almshouse 8coommodat60n. The Charity is required to prowde aemmmodauon for the Master who15 responsblo for the govemment ol the Brethren. The Charfty derives incom8 from the 8dmlssion of1he general publlc lo the hlstorfc bJildings- whlch Indude Ihe Guildhall. the Great Hall, St James'g Chapel, th& Master's House and the Brethren's lfjtchen - and letting5 for 8vents. The Charlty also dwive5 rental income from dwellings Withln the Hospital buildlngs. In 8ddilion, Ihe Ch8rfty sed(s regular flnandal support frcffi Swvice charfl$, Charitable Trusts and other benefaclrys. To protsGI the long-temi security of the Hospltsl the Trustees have applled lo the National Lottery Herltage Fund lo support a malor project to protect the bulldings and lo improve 8nt1 expand the visitor exparience. with the vlew to maklng the Hospital financaally self-suslaining In future. This improvem8ntto the propty Conlnued durfng much of2023, mostly completed by September. allowing the Hospital lo open lorvlsllors 89aln in Septefflber2023. Wo to improve the marketing and Vltrjr experience will conljnue into 2025.
LORD LEYCESTER'S HOSPITAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Publ1¢ b•no The Govemors have had regard to guldance publlshe•J by the Charfty ¢(mIss on public benellL Puljl benefit is achieved through the provlslon of homes for retired ex-servlcemen and thr wives, and the mainlenan of the anoent building$ of the Hosprtal that form part of the nalon's heritage. for educallonal, recrealional, and other community activities. ACHIEVEMENTS AND PERFORMANCE Ch¥habh acllvlti The Trustees have succeeded in prowding homes ffx ex-servicemen and their wlves In accordancè with Ihe Charitys objectives, plus a Hdmand veteran who received Ie-changIng injuries anii now r8sides amongst the Brethren al the Lord LewAster Hospltal. LLH 450 Project- funded by National Lottery H•rltagg Fund (NLHF) & CopItsI Campalgn In a majoreffortlo achlgvo financial sdf-sustalnablllty through repair, conservation and improved vlsltor experfence. dslon was token by th8 Govemors in 2019 to apply for a national level NLHF grant ond to launch a campalgn to raise partner funds. The Round 2 NLHF applicalion. for a restOTallon and improvement project, was approved by NLHF in September 2021. The work started in July 2022 and It Was mosty cornpleted by the end of September 2023. The Hospital was reopene(I to tha publlc In September 2023. It clos8d for the first 3 months of 2024 to enable varfous snagging works to be complet8d. The cost of the full project Is expected to be close to £3.6 mllllon. In addltion to the NLHF fvnélng of Close lo £2m, and the Hospitsl's own financlal contrlbu16on from Ks rgservgs of £35Ok, the fundraIn9 campaign has secured ommitments for the remalnlng £1.24m. FurKlraising wlll continue during 2024 and Into 2025 to wver fuiure malntsnance neods, FINANCIAL REVIEW Results for the ar Durfng the year total income amounted to £1,683.74212022: £1,109,631 }. In prepardlon ft)r Ihe LLH capltal campaign projeciwe*ks trading was slgnthcanly reduced as the Hospital ceased mostactiviues al the end of2021, being closed throughout 2022 and reopenlng In September 2023. Income from tradlng activities increased lo £67.212 from £16,108 In 2022. Donations and grants increased from £1,047,691 in 2022 to £1,535,228. Of Ihis £1.,571 was resthGtsd dcStiOnS and grants, which Includ £1,184,992 from NLHF as thelr share of the LLH 450 pro1t. Expenditure on tharitsble acu¥e$ Sncreased to £1,950,140 (2022.. £722.4631. which Induded £1,703,117 {2022.' £560.739) a$soaal wlh the LLH 450 project. Other 8XP8nditure rose from £12,432 in 2022 10 £24.820 In 2023. Thero was also £789.913 of LLH 450 project expenditure thatwas capStallsed in the year {£851.813 curnulativelyl. Depreciation ofthe capitallsgj p@ect Costs commenced In 2023, al £44.516. The Nel Bookvalue of the c8Pitallsed C051s of £807,297 Is represented by the Restrictsd Funds. The Charlty mode a defieit of £311,21812022'. surplus of £374,726), as Income ralsed in the prevlous year was spend on the capital prolecl in 2023. Prlor Pwlod Adjustmonl Aprior period adjusiment has been made tofulty Wle dcv+vn £125.027 of propety Improvements In 2022's flnandal ststernents that wer8 Incurred pri¢y to 1970. These assgts had not Previously been depreciated. so the adjustment hos had no effect on Iho Statem1 of Finanoal Acllvl¥g5 for the prior year. Detalls In Note 19.
LORD LEYCESTER'S HOSPITAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 R•sorv•s Policy In addlllon to any spacific Reslrithd Funds certain Funds are daslgnated by the Govemors to represent amwnts sel aside lo specificalty support Ihe fvture actNSUes of the HoSpal. The Ch8rfty Is also required by its Scheme to malntaSn an Extraordinary Repairs Reserve. Havlng haé Its qulnquennial property review in 2015 Ihe Govemors h8ve agreed to retain 8 bolance of £350.[0 to daal with priority repalrs requlred. The amount in this deslgnated reserve Is lo be used a8 the Charfty's contrfbulton to the NLPIF project. It Is the pcllcy of Ihe Charity that unrestricted fvnds whith have not been des5gnaled for a spedfic use should be maintained at a level equtvalent to between three and six month's expendSlure. The Trustees constders that reserves al this kvel w511 ensure that, In the event of 8 significant drop in funding. they will be able lo continue the Charity's current actiMlSes vA711e cOnderatiOn Is glven to way5 In whlch addioonal fvnds may be raised. This level of reserves has bgen malntained throughout the y88r. The Operating Deficit Fund isfunds set aside lo cover the loss of Income whilst Ihe LLH 450 project Is undertaken. £68,156 was uullsed durfng 2023 leaving a balance al 318t December 2023 of £58,447. to eT the ramaining period of project through 2024 and into 2025. The Gener81 ReseNe Fund represents any unrestsicted fvnds that have not been gnated and is wdlly availabie funds forthe actlvltie8 of the Chartty. Thls currenlly stsnds at nfl. as all fuThls are r8strOcled ordesignote(l. Inv•Btrnerrt• and Inv08tm•nt pollcy The ndS held In Invesknents have been held as cash deposits since 2020. The cash Is requlred to fund the Hospltal's own conlribullon to the NHLF project and to support the Hospltal durfng the Ferlod the w0S are to be done, when there will be minimal income. PLANS FOR THE FUTURE Now that the works have been compl&ted the Hospital ¢onlinugs lo provlde a home for the Brelhren, as well as now being open to museum vlsltors and available for venue hire. The NLHF prolecl hasn'lfinlthed yet. Work continues lo Improve marketing and thevlslt0rexp8rtC8 by enhanc(rvJ the museum and heritage 8lemenL In order to make the Hospital %lf-suffi¢lent forthe futurg. Thls 11 ccntinue into 2025. STrUCTURE, GOVERNANCE AND MANAGEMEiir The Charity is a company limited by guarantee and Is conslttuled by a scheme dated 23 May 1972 lald dvwn by An Act of Parllament and is registered with Ihe Charity Commissioners (No. 2168311 The Vlscounl De L'lsle, a5 dlrect descendant of the Founderfs Helr-al-Law, Is Fr&JIry Patron of the Hospltsl and Chairman of Govemors. Her Majesty's Lord Lleutsnanl for the County of WaNlckshire is a Governor and will change as does the Incumkent of that appointment. One Govemor is appointed by the WarnM(* Town Coun1 ¢ the basis of a three year Incumbency. Other Govemor5 are recruited as nessary to ensure that 8 gcod range of experfen¢e. InfluencA8 and experU8e Is brought to bear in lurthering th6 alms and Objecte$ of the Charity. Induction and continuation training is undertaken as Judged necessary by Ihe Govern5 In aCCoance wilh Standards of Almshouse Management promulgated by the Almshou8eAssoci8ti0n. The Trustees who served during the year and up to the dale of signalura of the fina181 statements vffjre.. The Rt Hon The Viscount De L'lsle C.V.O M.B.E- Patron Mr T Cox H.M Lord Ueutenanl Mr J Chamber5 Mr M Sewell Dr The Hon P Sidney Mrs C Cross L Felknvs Cllr D Sklnner
LORD LEYCESTER'S HOSPITAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Th& ¢harfty's long term objectives arè driven by the board of trustees who meet tyvice a year to discuss the matters of th8 charity. with additional meetings 85 requlred. The board of trustees have delegated the day to day advities ofthe tharily to the Master. Rlsk managgmont The board of trustees have consldered the risks to wl)ich thg Charity is exposed, and have established sysl8ms for mitigating those risks. Stratsgi¢ and shorter range plans ar8 reviewed rggLJlarly. Internal risks are minimised by IMeMenting Procedures for authorising transactions and by ensuring consistent quality of delivery for all operational aspects of th8 Charity. The board of truslees review these procedures periodically. The Tnjstees report was approved by the Board of Trustees. L'(? The Rt Hon The Vim>unt De L'l810 C.V.O M.8.E- Patron Twstee Dr The Hon P Sldney Trustee Daled-..l!l.i61LY
LORD LEYCESTER'S HOSPITAL STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THEYEAR ENDED 31 DECEMBER 2023 The trustees. who are also the dlfectors of Lord Leycester's Hospllal for the purpose of cornpany law, are respSIble for preparing th6Twslea's Report and theflnan¢ial ststements In accordance wllh applicable law and Unlted Kingdom Accounting Stsndards (United Klngdom Generally ApIed Accounlng Prad¢e). Company Law requires the Iruslees to prepare financlal statements for e8ch fin#ncLg1 year whlch glve a tru8 and fair view of the Stale of affalrs of the charity and of the Incoming resources and appllcation of resources, Including the income and expendifvre, of the tharilabSe company for that year. In preparing these finandal statements, the trustee$ aré rwjulred to: - 8ele¢t 8uitsble accounting Folicies and then apply thèm con3i$tenUy; - I)ryt the methods and prlnciples in the Charibes SORP,. - make Sudgemenls arKI estimates Ihal arn reaxjnable and pruden( - 51atewhgther applScable UKAccounifjng Standards have béen followed, subject to any material departures dlsdowl and explalned in the financial 3t¥tements.' and - prepare the finandal statements on the going COnM basls unless il Is inapproprlale tQ PTe5um8 that the charity wlll COnne In operation. The bwstees are responslble for keeplng adequate ac£ounting records that dIsdO with r&asonable accuracy at any time the flnanGial position of the charity enable them to ensure that the financlal slatem8nts comply with Ihe Cornp8niès Act 2006. They are also responsible for safeguardlng the assets of the chadty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularlties.
LORD LEYCESTER'S HOSPITAL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LORD LEYCESTER'S HosprrAL Oplnlon We have audited the flnanclal ststsrnts of Lord Leycesterf8 H¢)spttal {the'charfty'> forlhe year ended 31 Drnber 2023 whlch comprise the statement of financaal aGtivities. Ihe balance sheel and notes to the financlal stslemgnts. Indudin9 significanl accounting polides. The finandal reporting framework that has been applled In Ihelr preparation Is applicable law and United Kingdom Accounting Stsndards, Including Flnandal Reporting Stsndard 102 rh8 Fin8nclo1 Reportlng St8ndard 8ppllcable in the UK and Republlc of Ireland Iunlled lQngdom Generally Accepted Accounfjng Pr8cllcel. In our opinKJn. the financial $18tements'. give a true an¢J fair eW of the stats of the ¢haritsble ciynp8ny's affairs a8 at 31 December 2023 and of ils Incoming resources and application of resources, for th8 year then ended., have been propety prepared in accordance wlh United Klngdom Generally Act8pt8d ACCOting Practice; and have been prepared in ac¢ordancg Vdilh the reqUIremlS of the Comp8nlgs A¢t 2006. Basls for oplnlon Wo condudèd our 8udit In acGordan¢e wllh Inlemational Stsndards on Audillng IUK) IISAS IUKI) and applicable law. (Xtr responsibilittes under those stsndards are further described In the Audit'S responsibililies fv the audlt of th8 financlal statgmenls secllon of our report. We are Independent of the charity in accordance with the elhic81 requlrements that are relevant lo our aud51 of the financial statemetnts in th8 UK. indudlng the FRC'S Ethical Standard, nd we have fvifilled our other ethlcol responslbilities in accordance wlth these requlremenls. We believe that the audit evidence we have obtained Is 5uffic¥ent arKI 8ppropriale to provlde 8 basi8 for our opinlon. CoDclu•ions rglating lo going concern In auditing the financial statements, we have conduded thatlheTrustees' use ofthe going conGem basi$ ofaccounting in the preparation of the11nandal statements bs appropdate. Based on the wort we have performèd, we hava not Identiffietd ony Ma1 uncertainties relallng to events or lndltions that. indivldually or collectively, may cast Significant doubt on the charlty's ability lo continue a$ a going concern fer 8 perlod of at least e1Ve months from when the financlal statements are authodsed for issue. Our responslbllities and the rnsponslbllltles of the TnJsteasw6th respect to going concem are descrobed In the relevant sections of this report. other Inft+rnMtlon The other infomiation comprises the infomauon Included In the annual rep)rt other than the financlal statements and our audilorfs repcft thereon. The Tnjslees are responslbleforthe other Snfomiation con18ined whhln the annual re. Our ¢)pinlon on thè finandal stst9mgn15 dL*S not cover the other Infomiation and we do not express ary fomi of assurance condusion thereon. Our responsibility Is to read the other InfomatK)n and, in doing so. cOnder whether the other Infomation is materially inconslslenl wllh the fin8nclal statements or our knowledge obtalneij In the course of Ihe audit. or OtheiSe appear5 to be materially mlsstated. If we identify such material Inoonsislencbes or apparent material misstslements. we are rèqulred to determine whether thls glves rise to 8 mater181 mlsstalemont in theffinancial ststements themselves. If, based on the work we have performed, we conclude that ihere 15 a material mlsstatement of thls othèr Infomalion, wè are required to report that f8cL We have rthing to rewt in Ihls regard. MJtt•rs on whlch wo ar• r•quir•d to raport by •xc•ptlon We havg nothing to report In respect ofthe follovAng matt8rs in relation to whkh Ihe Charflies (Aunts and Raports} Regulalions 2008 requlre us to report to you rf. in our opinlon: the Infomauon ven In Ihe ffinancial ststements Is incon5181ent In any matgrial respeci with the Tru8t8es' reporL or suffiaent xcounting r8cords have not been kèpl", or we have not reGeived all th8 Snfom)aUon 8nd 6xplanations we require for our au(JiL
LORD LEYCESTER'S HOSPITAL INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF LORD LEYCESTER Responslbllhles of TrustO¢8 As explained more lully In the Statent of Trustses. re5ponslbilities. the Truslees. vtho are a150 the directors of the charity fc the purpose of wmpany law, are responsible for the Pryralion of the finandal ststements and for belng satlsfied that they give a true and fair view, and for such inlemal control as the Trustee$ detemilne is necessary to enable the preparatit of finandal statements that are free from material misstatemenL whether due to fraud or error. In preparing Ihg fin8nual statements. the Trustees are responsible for assessino the charity's 8blllty to conllnu8 as a going concern. dlsclosing. as applicablo. matters Telated to golng concem and uslng the gc4ng concern basls of accoUnn9 unless the Trustees elther Inland to liquidate Ihe chadtable company or lo cease operall¢Ms, or have no realislc altemative bul to do so. Audltorfs reBponslbilitles forth• audtt of the flnan¢lal Btstsrmnts We have been appointed as audllor under section 144 ofthe Charlti8sAct 2011 and report in accordance th the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurancg about whether the finand81 stslemgnts as a whole are free from material mlsstatemenL whether due lo fraud or error, and to Issue an audltor's report that indudes our opinlon. Reasonable 8SSUfance Is a hlgh level of assurance bul Is not 8 guaTanlee that an audit conducted in accordance ISAS IUKI wlll aayS detect a materlal misststement 11 exists. Misststemenls can adse from fr or error and are con5ider&J material M, IndividLbally or in the aggregate. they could reasonably be expgctsd to Influence the economic deca¢)nS of users taken on the basis of these financl81 statements. Irreguladties, indudlng fraud, are instsnces of non-compllance wlth laws and regulations. We d8slgn procedures in line with our respSibIlitIes. oulllned above, to del8Ct malerfal mi5Stalemenls in respect of irregularitles. induding fraud. The extent to whlch our procdures are ¢apable of detecting Irregularitle5. includlng fraud is detailed bdow. Extsnt to whl¢h audlt was consid•r•d capablè of detectlng Irrggularlties. including fraud BeGau¥e of the inherent IlmltstnS of an audll. there is a fisk that we wlll not detect all irreguladties, I[lIng those loading to a maledal misststement In the financial 5ts1effnts or non-compliance wlth regulation. This rfsk increases Ihe more that compllancevAth a law or regul8tlon is removed from the events and transactions reflectsd in the finandal ststemen15, as we will be les5 likety to become aware of inslances of non-complian. The rtsk Is also greater regarding irreguiaiities Cuthng lo fraud rather than ortor, as fraud Invc4ves int110naI concealmenL forgery, Ilusion. omlssion or misrepresentation. As port of an audll In accordance with ISAS IUKI. We exercise profess1al judgment and maintain profOnal scepISM throughout the audit. We also performed the following procedures". Enoulry ofmanagement and those charged with govemance around actual and potential litigalon and clalms. Enquiry of 8ntity stsff in compliance fvnctoons lo identify any Instsnces of non-compliance vlth laws and regulations. Reviewing minutes of meelSngs of th¢)se chargod with govemance. Reviewlng finandal 5tstement disdosures and tesling to supporllng documentall¢)n to assess compliance with appllcable law5 and regulations. Audltlng the risk of management override of controls, Indudlng thorough testing of joumal entries and other adjusknents for approprfal8ness, and evaluating the rauonale of 5ignlficant transacllons outside the nomial ¢ourse of bUesS for the charfty. A furiher description of our reSpOnbIllueS Is avallable on the Financial Repoifjng Cwncll's webslto aL httpsjl www.frc.org.ukjauditorsresponslbilie$. Thls d8scripllon foms part of OUT audllorfs TeporL
LORD LEYCESTER'S HOSPITAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LORD LEYCESTER'S HOSPITAL Us• of our r•port Th1$ rewrt Is made sololy to the charlty's trustees. 38 a body, In occordance with part 4 of the Ch8riJes (Accounts and Reports) Regulations 2008. Our audit work has l)een undertaken so that we mlghl stale lo the charttys trustees those matters we are required to slate lo them In an audttovs report and for no other purpose. To the fullest extent permltted by law. we do not accept or assume responsibillty to anyone other than the charlty Ind the Charis trustoes as a body, for our audlt work. for this report, or for1he opinlons we hav8 fomied. Charlotta Toemaos Bsc FCA Isgnlor Statutory Audltor) for and on bo11 of Ellacotts Audit Sèrvlces Llmlted Chartered Accountantg ststutory Audltor Jnlwlde Hse 23 West Bar Banbury Oxfortlshire England OX16 9SA
LORD LEYCESTER'S HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 CuTront flnancial year Unrestrlrt•d D•signat•d R8strict•d funds fvnd$ funds Total Total 2023 2023 2023 2023 2022 Notss Incom• from: Donations and legacAe5 Charitable act1lIeS Other trading 8divities Interest Inc(xn8 30,657 51.934 67.212 9.368 1.504,571 1.535,228 51.934 67,212 9,368 1.047,691 45,628 10.108 206 Totsl Income 159.171 1,504,571 1,883,742 1.109,831 Ex ndlturo 0 Charllable activlll88 202.507 1,747,633 1,950,140 722,473 Govemance ¢o$ls 24,820 24.820 12,432 Totsl r•sourc•s expended 227.327 1,747.633 1.974.960 734,905 Net In¢omlng rosourG (68.156) {243.0621 1311,218) 374.726 Gross transfers betsyeen lunds 68,156 1372.858) 304,702 Not movement In funds 1372,858) 61,840 1311.218} 374,726 Fund balane8s at 1 January 2023-AS RESTATED 542.889 745,657 1.288,546 913,830 Fund balancos at 31 December 2023 170.031 807,297 977,328 1,288,546 The statemonl of financlal acUvlUes Indudes all galns and losses recegnised In the year. All Income and expendllure derive from conunulng acbvitie5.
LORD LEYCESTER'S HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior finan¢lal yoar Unrejtrlctgd Dgslgnatsd RtrIcted funds funds fund8 Total 2022 2022 2022 2022 Income from: Oonalions and legades Charftablo a¢lilieS Other tradlng acuvities Interest Income 23,198 45,626 16,108 1.024,495 1,047,891 45.620 16.108 Totsl Incom 85,138 1,024,495 1.109,831 Charitable aclivili8S 150,165 572,318 722.473 Govemance costs 12,432 12.432 Total resources expond•d 162,587 572.318 734.905 Not in¢omlng r•$ources 177.4511 452.177 374.726 Gross transfer5 t*iweon funds 73.789 {11,8891 (61.9001 movom•nt In funds {3.662) 111,8891 390,277 374.726 Fund balances al 1 January 2022-AS RESTATED 3.862 554,778 355.380 913,820 Fund balan¢u at 31 DeGomb•r 2022-AS RESTATED 542.889 745.657 1,288.546 The slalamenl of flnanclal actlts$$ indudes all galns and losses reniSad in the ye8r. All income and expenditure derive from continuing athtleg. 10-
LORD LEYCESTER'S HOSPITAL BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 AS ResTATeD Notes Flxed assets Tangible assets 10 813.698 66.286 Current assèts Stocks Debtors Current Assel Investment- Bank dewjsit Cash at bank and in hand 11 12 25,023 131.536 100.000 278,836 535,395 25.861 157,010 1.262.002 1.444.873 Credltors.. amounts falllng due wlthln ono y&ar 13 1330,0151 1175,3631 Nèt currnnt assets 205.380 1.269.510 Creditors.. amounts falllng du• after onè y8ar 14 {41.750} 147,250) Total assets less ¢urront Ilabllllles 977.328 1,288,546 Incomg funds Restricted fijnds Unrestricted funds.. Dèsignated funds 15 807.297 745,657 16 170.031 542.889 977,328 1,288,546 The financk91 ststements were approved by the Trusteos on 1* October 2024 L'(40 Th8 Rl Hon The Viscount De L'lsle C.V.O M.B.E Patron Trustee Dr The Hon P Sidney Trusteo 11
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Chfjrlty Informatlon Lryd Leycesterfs Hospltsl is a charfty registered wtth the Charity CommSs$on {CharOty No. 216831 }. Th0 prindpal addres618 60 Hh StreeL w0ck. CV34 4BH. 1.1 Aocountlng GonventioD The flnanGial stslements have been yepareil in accordance with the charfty's govemlng document. Ihe Charftles Act 2011 and 'Aceounting and Repotting by Charities: Statement of Recommendeil Practi appllcable to charthes preparing their accounts In accordance wlth the Flnandal Report'ng Standard applicable in the UK and Republic of Ireland IFRS 1021. {as amended for aOUnng periods commendng from 1 January 20191. The Charity Is a Publlc Benefil Enb'ty as defined by FRS 102. The Charity has taken a(fvantage of the provlsions In the SORP for charlties appIng FRS 102 Update 8ulletln 1 not lo prepar& a Statement of Cash Flows. The finandal stslements are prepared in sterflng, which is the functlonal currency of the charlty. Monetary amounts In these financial statements are rounded to the neare51 £ The flnancjal ststements have been prepar und8T the hSstorical cost GonvenllfM. modified to Include the revaluation of freehold propee$ ond to include investh)enl properts.es and ¢ertain finandal InstNments at fair value. The prinapal aounng pole$ adopted are sèt out bdow. 1.2 Going ¢oncern Al the time of approving the financial slatements. Ihe Trustees h8v8 a reasonable expectation Ihat Ihe Charfty has adequate res¢)urces lo conlnue In operational axlstenc for Ihe foreseeable future. Thus the Trustees ontinue to adopt the golng concem basls of arLounting in preparing ihe flnancial ststsments. 1.3 Charltable funds Unrestricted funds a 8vallable for use al the ¢Jiscrellon of the Trustees In furtherance of thdr charltable objectives. Restrkte(I funds are sublt to spec#ffic condotlons by donors as lo how they may be used. The purposes and uses of th8 restricted funds are set out in the notes to the finanGlal statements. Endchvment Deslgnaled funds cvmprise unrestrictsd funds that have set aside by the trustees for partlcular purposes. The ourrent dosignalions are.. TangIb Flxed Asset Fund This represents the net bwk value ofimprovements madalo the HospM81 slnce 1960 and other tanglble assets. Extraordinary Rep•lrs Re8•r¥• Thls repTesents lunds set asSde to cover major renovations or repair work on the Hospital's historfc buildings and provide Almshouse accommodauon in orderto meet Ihe main obligation of the Hospitsl, In accordancé with the ¢hariiVs scheme. Operatlng Deflclt Fund Thls repre¥ants the reserves set asde to cover fvture astlmated operatlng th)rtf8lls in the short temi. IA Incom• Income Is re¢))gnlsed when the Charfty 1$ legalty enutled toll after any wrformance cndItiOnS have been nt. the amounts can be me05ure(I rallably, and It Is probable that inccffie 11 be recdved. 12-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢eountlng pollcl68 (Contlnu•d) Cash donallons are recognlsed on fecelpl. Olhor donauons are recognised once the Chadty has been notified of the donallon. Unl perfomanca condllions requ1 deferral of the amount. Income tsx recoverdble In relawon lo donations recewed under GiftAld OT daads of covenant Is rfjwgnised at the time of the donallon. Legacles are recognlsed on recelpt or otherwise if the Charity has been notified of 8n Impendlng dlstrSbution, the amount is known. and recelpt 1$ expected. If Ihe amount is not known, Ihe Iwacy Is treated as a contlngent asset. 1.5 Eyndlturo Expenditure is actounl8d for on an accruals basis and has been dassified under headlngs that agggate 811 cost related to the category. Where costs cannot be dlredly albibuled to partlGular headings. they have been allocated to actiwties on a basls conslstent wSlh the use of resource$. 1.6 Tanglblè fix8d assots Tanglble fixed assets are Initially measured at cost and sUbSequY measured at ¢osl or valualon, net ol deprwatton and any impalrment losses. Depred81ion Is re(tKJnlsed so as lo vrrite off the rst or valuation of assets less their rosldual values over theor useful liv on the fdlowing bases: Freehold land and buildings Improvements Plant arKI wuSpment Fixtures and fittings CompLrter8 2% on c05l 10% on cost 10% on co81 25% on redun9 balance Lord Leyceslerfs HosFllal was constructed in the late fourteenth. earty ftfteenth cenlury and thgr8 is no record ofthe origlnal wsland no value Is attributed thereto. A numberof the Charity's a$s8ts would qualifya8'Heritag6' assets in lin8 wth secli¢)n 18 of Ihe Charitiès A¢ntIng and Reporting by Charities.. Statement of Recommended Pradce appllcable lo charltie5 preparing thelr accounts in accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) leffectivg 1 January 2015) due lo the fact that they are held prfmarily for their hlslorthl and arUsts'G Importance being contributory lo knOedge and culture. Heritage assets are recognisèd on the balance sheet 8t Iheir ts)8t or valuati(*), unless inforn)aUon on thelr cost or valuallon Is not available and such information cannot be obtalned at a cost commensurat8 With the benefflt to the users of the accounts 8nd to Ihe charfty. Only land and buildlng improvements since 1960 are Indud. Freehok1 land and buildings Improvements are deprfjciated at 2% of cost. 1.7 Flxod asset Inv•stmonts Fixed asset investments are InIallY m8asured at Iransacuon prfcè exdudlng tr8nsaction costs, and are $ubsequenUy measured atfairvalue ateach reporling date. Changes in falr value 8re recognised In nel incomel (expendllure) for the year. Transactlon costs ate expensed as InGuned. 1A Impgirm•nt of fixed assots At each reporng 8nd dat6, the Charlty revlews the carying amcunts of its tangible assets to detemlne whether there Is any Indlcallon that those assets have suffered an impaiment loss. If any such indication exists, the re¢ov8rable amount of the a$set1g esllmated in der to determlna the extent of tho imp81mwnt k)ss (rf any). 13-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2023 Accounting poll¢i•s {Continu•dl 1.9 Stocks Stocks are ststod atthe lowerofcostond e8tlmoted 8elling priceless costs to thplete and sell. Costwmprises direct materials and. where appllcable, dlrect labour costs and those overheads that have begn Inwrred in bringing the slock8 lo their present location and conditlon. Ilerns held for dislrfbution at no or nomin81 conslder8tlon are measured the k)wer of replacement g)$1 and cost. Nel roallsable value is the esomaled selling pri¢e18ss all estimated costs of compledon and costs kn be incurred in marketinu, selliNJ and dithbudon, 1.10 Cash and cash oquivalonls Cash and cash equlvalenls Include cash In hand, deposits held at call wtth banks. other short-term liquid Investments ¥th orlginal maturfJes of three months or less, and bank overdrafts. Bank overdrafts ale sknin wllhin borrowings In current liabilitres. 1.11 Flnancial Instruments Th8 Chadty has elected lo apply the provlskjns of secl1c 11 'Baslc Financlal Inslruments. and Secthon 12 ther FlnanGial Instruments Issue5, of FRS 102 to all of its flnancial instruments. Financlal Instruments are recognised In the Charl$ balance sheet whèn the Chadty becomes paty to tt)e contractual provisions of the instrument. Fln8nGial assets and liabilities are offset. with the net8mounts presented In the flnand81 ststem8nts, when there Is a legally enforceable right to set off the recognised amounts and there Is an intenuon to setde on a net basss or to realise the asset and settle the liablllty s1multsneouy. Bas1¢ find1•1 assets Baslc financial assets. whlch Indude debtors and cash and bank balances, are Inltially measured at Irdnsactlon Pfice including transactfjon costs and are subsequenY carrd at 8mortized cost using the effective Snteresl method unles5 the arrangement conslitules a financing transaction, where Ihe IranSaCOn is measured al the prasent value of Ihg future reIpts discounted at a market rate of inleresi. Financial assets classified as receivable within one year are not 8mortiz8d. 8a$i¢ flnancl81 Ilabllldes 8aslG financial liabilities, inejudlng credllors end bank loans are Initial recognlsed at tran8acUon unless the arrangement consOtut8s a flnanang transaclion, %ther8 the debt Instrument Is measured al the present valuè of the future payments dlscounted at a market rate of InleresL Finantsal labllities classified as payable within one year are not amortisad. Debt Instruments are 8ub8equ6nUy carried 8t amortised cos( uslng ts effeotfve Interest rala method. Trade crédllors are obllgatlons lo pay for grx4Js or servlces that ha been acquired in the ordlnary COUTse of operations from suppliers. Amounts payable are dassSfied as current liabilities if payment Is due wilhln one year or less. If not, they are presented as non-current liabllltles. Trade credltors are recoanlsed Inltially at transaction price and svbsequenuy measured at amorUsed cost using the efftIve Intsr6s1 melhryl. Derncognltlon of flnanci•l I1•Il*l•S Finanual liablllties ar8 derecognised when the Charity's ccffltractU81 obllgatlons explre or are discharged (x cancelled. 14-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polld (Continuod) 1.12 Taxatlon The charity Is exempl from tax on Its charitable •dviUes. Ltyd Leycesterfs Hospltal was not reg151ered fcf ValueAdded Tax durlng the year. In these finandal stslements, where appllcable, expendltur& is Shown inclusive of VAT. 1.13 Employ9• benafitg The cost of any unused holid8y entlU8mI is recognis&J in the perllxl in which the employee's s6rvlces are [e1Ved. Termlnauon b&nefits are recognlsed immediatety as an expensg when the Ch8rfty is demons1rably commltted to terminate the employment of an employee (K to wovide teminauon benefits. 1.14 Retirement ben•fft6 Payments lo deflned CntrIbuOn retirement benefit schemos are ch8rgeiJ 88 an expense as they fall due. Ch•rli8blo actSvltl•s 2023 2022 Malntenance contrlbutions from resid8nts 51,934 45,626 The in¢ome received from t*arftable acllvilies was £51.934 {2022: £45,626) whlch wa$ all unr8slrf¢led. tlonations and lega¢l•s Unreslrfcted Restrlcted fvnds funds Total Total 2023 2023 2023 2022 Donauons and gifts 30,857 1,504.571 1.535,228 1.047.691 30,657 1.504,571 1,535.228 1.047,691 For Ihg yèar endod 31 Doc•mr 2022 23,196 1,024.495 1.047,691 15-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 Oth•r tradlng actlvities 2023 2022 Income from visito Hall and equlpment hire Funcli¢)n8 Inoome 55,922 6.195 5.095 11.192 2,906 2.010 07,212 18.108 The I1me from other trading activithes was £67,212 (2022.. £16.108) whlth was all unrestricted. Interest Incomo 2023 202Z Interest receivable 9,368 9,368 206
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charliablo acilvities R•strict•d UnreJtrl¢t•d 2023 2022 Staff costs Services Management Light and heat Rates and water Repairs and malnlenance Administration Funcllons expeTrJiture Project LLH450 (net of capitallsed o)$ts of £789.913> 80,346 22.329 11.580 26,568 23.624 14.489 17.612 5.961 80,346 66.845 11.560 64,822 9,030 4,545 18.028 23.940 31.360 8.305 1,698 560.739 44.516 23.624 14.489 17.612 5,961 1.703,117 1,703,117 1,747,633 202.507 1,950.140 722,473 Analysls by fund Unrestricted funds Reslricted funds 202,507 1.747,633 150,1SS 572.318 1,950,140 722,473 Trnste•s None of the Trusleos lor any psOn8 connected wth them) reGeived any remuneralon or beneffits from the Hosptkal during the year. Governan costs 2023 2022 Accountancy fegs Audll fees 15,580 9.240 4.032 8.400 24.820 12,432 The expendlbjrg for tyw8mance costs was £24.820 (2022: £12,432) whlch was all unrestslct&J. 17-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employg The averag8 mcfflthly numbgr of emOyeeS during the year was.. 2023 Number 2022 Numb•r Administrallon Olher Total Ernploym•nt tosts 2023 2022 Wages and salarSes Sttlal security costs Other pension wsls 73,702 S.020 1.624 62.643 1,279 80,346 84.822 Thern is £135,782 {2022. £2T.3001 of employment C05t is the LLH 450 project. Th¥e were no employgas whose annual remunerauon was £80,000 or more. 10 Tanglblo fix•d as#èts Fre•htsld land and bulldlngs Pl•nt and FMur•s 4nd knwov•m•nts •quiwnont ¢ompuhfS Tolal Cosl At 1 January 2023-AS RESTATED Additlons 61.900 571.944 48,709 35.066 22,738 117,951 140,689 8.956 70,270 77,228 140.303 795231 At 31 December 2023 633,844 83.775 935,534 Dopreclation and imp¥lrniant At 1 January 2023 Depreciation charged In Ihe year 48,709 3,S07 19,972 13,968 5,336 17.687 74,017 47.819 12.677 Al 31 Decembgr 2023 12.677 52216 33.940 23.003 121.836 Carrying amount Al 31 December 2023 621.167 31,559 106,749 $4,223 813,698 At 31 December 2022- AS RESTATED 01,9 2,766 1.620 68,286 £789,913 of the addltton8 Is the capltalked elemgnt of the LLH 450 project {£851.813 In lots1}. The capitsl element of the project completed In 2023, so depreclalon ha5 commenwi. DeprlatiOn related to the prqect Is £44,516. See Note 20 r8 Prior Year Adlustrnent. whlch relates to bullding improvements. 18-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2023 11 Stock8 2023 2022 Finished goods and goods for resale 25.023 25.861 12 Dgbtors 2023 2022 Amounts talllng du• withln on• y•ar". Trade debtors Other debtors ACce Income 40 36.522 94,974 24 13.492 143.494 131.536 157.010 13 Croditor8.' amounts falling due wlthln ono yoar 2023 2022 Other taxation and social security Trad6 credllors Other creditors Accru8ls and deferred Income AlmshouseAssoaatlon Loan 3.731 53.598 114,306 152,880 5,500 2,208 88,143 101.762 5,250 330,015 175,363 14 Creditors: amounts falllng duo after on• yoar 2023 2022 AJmshouseA88ociation Loan 41,750 47,21 19-
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LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Doslgnat•d fund$ The income funds of the charlty Include the following daslgnatsd fijnds whi¢h have been set 88lde out of unres1rfclj funds by the trustees for specific purposes: Balan¢• at 1 Janu•ry 2022 al Tw8kn R•vAluatlono. 31 D•t•mber golns 2022 It)8090 AS IIESTATED AS RESTATED Extraordinary repairs reserv88 Tanglble fixed asset fund Operaung defloil fund 350,000 8.024 198.754 360.000 86,286 126,603 80.262 (72,1511 554,778 (11,889} 542.889 Balanco •t 1 January 2023 AS RESTATED Tran8fors R•valuatlon Balanc• at galn# and 31 Doc•mbv 105505 2123 Extraordinary repalrs reserves Tangible flxed asset fund lexc.NBV of capitallzed proj1) Op8raUng deficit fvnd 350,000 66,286 126.603 {244,817) 159.8es1 168.1561 105,183 6,401 58.447 542,889 1372.858) 170.031 -21-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Analysls of not u$•ts b•tw••n fund* Unrostrictod Deslgnatod Rgstrld•d fund• funds funds 2023 2023 2023 Total 2023 Fund balances al 31 December 2023 are represented by: Tangible assets Inveslmgnts Current assetsl{Ilabi1SU88) 6.401 807,297 813.098 163,630 163.630 170,031 807.297 9T7.328 Unr•$trl¢t•d Dosignat•d R•Btrict•d funds funds funds 2022 2022 2022 Total 2022 Fund balances at 31 December 2022- 8$ Restated - are repre¥ented by.. Tanglble assets Investments Current assetsllllablllyesl 66,286 66,280 478.604 745,857 1,222.260 542,889 745.657 1,288.546 1B Rolatod party transactk•n8 M.G. Sewell Is employed as an Investment Managerwilh Smith & William50n Inveslment Management LLP and soma of the Hospital'5 investments were held in the custody of Smrth & WIlll8m8 on an execution rmly basls. Currenlly there are lust small cash holdlng& 19 Prfor P•rlod Adju8tm0nt R¢¢onclliatlon of changes in Tanglble fix•d ass•t fvnd- 2022 Orbglnal reporhd Adlu5t- ¥J22 mlrtt AS RESTATED Balance at l January 2022 Transfers 131,051 60,280 1125,027) 8.024 60,260 Bal&)ce at 31 Delxmber 2022 191,313 1125,0271 06.286 R0nCiliatiOn of chang•s in profit for the prevlous flnanclal perlod No effect on the perfod financial pericd. Notes to Ro¢oneillatlon$ The prtOT period atllustment relat8$ lo the 100% wrtte do of £125,027 of proporty improvements that were incurred prior lo 1970. These assets had not previously been depreclaled. so the adjustment has had no effect on the Statsment of Finanaal Actwilies for the prfor year. -22-
LORD LEYCESTER'S HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oporatlng1gas• ¢ommllments Al the repDrbng end dale Ihe charity had ¢Xrtstandlng Mm11ments for fulure minimum lease payments under non-cancellable operating lease. whith fall due as follow5: 2023 Wtihln one year Between tsvo and five years In over five years 8,271 14,297 4,2S5 24.827 -23-