ST LEONARDS HOSPITAL TRUST
REGISTERED CHARITY NO 217106
HOUSING CORPORATION NO A1325
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31st DECEMBER 2022
L,
ST LEONARDS HOSPITAL TRUST
CONTENTS
-
Trustees Report
-
Accountants’ Report
-
Income and Expenditure Account
-
Balance Sheet
5/9. Notes to the Financial Statements
Page 1
ST LEONARDS HOSPITAL TRUST
Trustees Report
For the year ended 31 December 2022
The trustees present their annual report and financial statements for the year ended 31st December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice , ‘Accounting and Reporting by Charities’ (SORP 2005) issued in March 2005 and Accounting Requirements for Registered Social Landlords (SORP 2007) in preparing the annual report and financial statements of the charity.
Objects of The Charity
The charity’s object continues to be the provision of ten Almshouses. These shall be to men who are over the age of sixty or disabled and are inhabitants of the Borough of Boston with a preference for such persons who are resident in the area of the ancient parish of Skirbeck. Attempts are made to ensure one resident is a retired merchant seaman.
On 16 December 2005 it was agreed by The Charity Commissioners for England and Wales that the assets of The Muster Roll Trust (Registered Number 217636) be transferred to The St Leonards Hospital Trust. These assets were transferred during 2005 into the cyclical maintenance fund to the value of £55,374. The Muster Roll Trust has been removed from the Central Register of Charities.
Organisation of Our Work
The charity is organised so that the trustees meet regularly to manage its affairs. There are no full time employees. The charity is a registered charity, charity number 217106. The administration is conducted through the registered office at 72 Austendyke Road, Weston Hills, Spalding, PE12 6BX and by the trustees in an honorary capacity. The collection of maintenance contributions is dealt with by the clerk of the trustees.
Trustees
Mr L Allitt (Chairman) Mrs H Pain — resigned 15/03/2022 Rev L Ward Cllr J Noble Clir M Griggs Fr J Underhill Cllr L Armstrong Mr B Walker Mrs L Forman — appointed 05/07/2022
Developments, Activities and Achievements in the Year
The Trust celebrated the 820" year of providing shelter to vulnerable people in Boston in June 2022. A Blue Plaque was unveiled by the Lord Lieutenant of Lincolnshire accompanied by the Bishop of Grantham, Mayor of Boston and the Chief Executive of the Almshouse Association. The Quinquennial Inspection was carried out in August and all regular maintenance continued to be done.
On behalf of the board
Mr L Allitt (Chariman)
15" February 2023
Page 2
St Leonards Hospital Trust
Income & Expenditure Account for the Year Ended 31st December 2022
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |||
| Turnover | 38,293 | 36,151 | |||||
| Less Operating costs | |||||||
| Services | 11,649 | 9,178 | |||||
| Management | 10 | 10,497 | 9,952 | ||||
| Day to Day Maintenance | 10 | 8,758 | 3,881 | ||||
| Cyclical Maintenance | 10 | 5,230 | - | ||||
| 36,134 | 23,011 | ||||||
| 2,159 | 13,140 | ||||||
| Add | |||||||
| Interest Receivable and other income | 2 | 340 | 94,288 | ||||
| Profit / (Deficit) forthe year | 2,499 | 107,428 | |||||
| Movement on Reserves | |||||||
| Balance broughtforward as previously reported | 165,213 | 59,285 | |||||
| Profit for the year | 2,499 | 107,428 | |||||
| Transfer (to): | |||||||
| Cyclical Repairs & Maintenance Reserve |
gi | 5,230 | - | ||||
| Emergency Repair Fund | 9ii | - | 1,500 | - | 1,500 | ||
| 171,442 | 165,213 |
The St Leonards Hospital Trust has not acquired or discontinued any fundamental activities during the above two financial years.
The charity has no recognised gains and losses in 2022 or 2021 other than those included in the above Income & Expenditure Account. Therefore, no separate statement of total recognised gains and losses is needed
Page 3
St Leonards Hospital Trust
Balance Sheet As At 31st December 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | £ | Eg | E | £ | ||
| Fixed Assets | ||||||
| Housing properties - cost | 4 | 102,758 | 102,758 | |||
| Less: Housing association Grant | 4 | 98,109 | 98,109 | |||
| 4,649 | 4,649 | |||||
| Current Assets | ||||||
| Debtors | 6 | 5,134 | 4,232 | |||
| Investments | 7 | 1,500 | 0 | |||
| Cash at bank & in hand | 246,786 | 244,982 | ||||
| 253,420 | 249,214 | |||||
| Creditors | ||||||
| Due within one year | 4,628 | 2,921 | ||||
| Net Current Assets | 248,792 | 246,293 | ||||
| - | Total Net Assets | 253,441 | 250,942 | |||
| Represented by: | ||||||
| Capital & Reserves | ||||||
| Designated reserves | 9 | 81,999 | 85,729 | |||
| Income & expenditure account | 171,442 | 165,213 | ||||
| 253,441 | 250,942 |
These Financial Statements were approved by the Trustees on 15th February 2023 and signed on its behalf by:
resi eewenvencer: Trustee
ia avs sanearausmeasnartcentie Trustee
Page 4
ST LEONARDS HOSPITAL TRUST
Independent Examiner’s Report to the Trustees on the unaudited accounts of St Leonards Hospital Trust
| report on the financial statements for the year ended 31 December 2022 set out on pages 3 to 8.
Respective responsibilities of trustees and independent examiner
As the charity’s trustees you are responsible for the preparation of the accounts, you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of an unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
e which gives me reasonable cause to believe that in any material respect the requirements: to keep proper accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
-
e to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
-
e the revenue account and balance sheet for year ended 31 December 2022 are in agreement with the books of account kept by the St Leonards Hospital Trust under paragraph 18(2) of Schedule 1 to the Housing Act 1996;
-
e the St Leonards Hospital Trust has satisfied the conditions for exemption from an audit of the accounts for the year ended 31st December 2022 specified in paragraph 18 (4A) of Schedule 1 to the Housing Act 1996; and
----- Start of picture text -----
e the accounts comply with the requirements of paragraph 16 of Schedule 1 to the Housing Act
1996 and the Accounting Requirements for Registered Social Landlords General Determination
h
Andy James RS
James & Co Accountants Limited { \i\
Venture House Ts
Enterprise Way \ \
Boston \
PE21 7TW 15 February 2023
| Page 5
----- End of picture text -----
St Leonards Hospital Trust
Notes to the Financial Statements
| 2022 | 2021 | |
|---|---|---|
| E | £ | |
| 2. Interest Receivable and Other Income | ||
| Bank Deposit & Building Society Interest | 262.00 | 274.83 |
| Investment Income | 44.00 | 48.00 |
| Other Rents Received | 35.00 | 35.00 |
| Other income | - | - |
| 341.00 | 357.83 | |
| 3. Taxation | ||
| St Leonards Hospital trust is a registered Charity, and is, therefore exempt from liability to | ||
| taxation on its Income & Capital Gains | ||
| 4. Fixed Assets | ||
| Housing Properties | Completed | Completed |
| Housing | Housing | |
| Properties | Properties | |
| As At 1stJanuary 2022 | 102,758.00 | 102,758.00 |
| Additions - Improvement to Properties | - | - |
| As At 31st December 2022 | 102,758.00 | 102,758.00 |
| Less: Housing Association Grant | ||
| As at 1stJanuary 2022 | 98,109.00 | 98,109.00 |
| Grant Received in Year | - | - |
| As At 31st December 2022 | 98,109.00 | 98,109.00 |
| NetBookValueAsAt31stDecember2022 | 4,649.00 | 4,649.00 |
4. Fixed Assets
St Leonards Hospital Trust Almhouses were constructed in the late nineteenth century by three benefactors and as such had no historical cost and no value is attributed thereto. The above details relate to improvements carried out since 1970 which were funded by a Housing Corporation Grant of £98,109. The balance is provided from St Leonards Hospital Trust's own reserves.
Page 6
St Leonards Hospital Trust
Notes to the Financial Statements
| 2022 | 2021 | ||
|---|---|---|---|
| E | £ | ||
| 5. Fixed Assets | |||
| Investments | |||
| Base Cost: | |||
| As at 1stJanuary 2022 | - | = | |
| As at 31st December 2022 | - | - | |
| Barclays Ord .25p Shares (Holding 524) | 1,171 | 1,171 | |
| Market Value as at 31st December 2022 | 1,171 | 1,171 | |
| 6. Debtors | |||
| Prepayments & Accrued Income | 5,134 | 4,232 | |
| 7. CurrentAssets | |||
| Investments | |||
| Cost or Base Cost | - | 27,923 | |
| Additions During the Year | 1,500 | 1,500 | |
| Withdrawals in year | - | 29,423 | |
| 1,500 | - | ||
| The Investments comprise the following: | |||
| NAACIF Accumulation Shares (2249.476) | - | ||
| NAACIF Income Shares (301) | - | ||
| Balance as at 31st December 2022 | = | - | |
| Market Value as at 31st December 2022 | 1,865 | 389 | |
| Page | 7 |
St Leonards Hospital Trust
Notes to the Financial Statements
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| 8. Creditors: due within one year | |||
| Other Creditors & Accruals | 4,628 | 2,921 | |
| 9. Designated Reserves | |||
| i) Cyclical Repairs & Maintenance Reserve | |||
| Balance as at 1st January 2022 | 56,440 | 56,440 | |
| Transfer from Income & Expenditure Account (page 3) | - | 5,230 | - |
| Balance as at 31st December 2022 | 51,210 | 56,440 | |
| ii) Emergency Repair Fund | |||
| Balance as at ist January 2022 | 29,289 | 27,789 | |
| Transferfrom Income & Expenditure Account (page 3) | 1,500 | 1,500 | |
| Transfer to Income & Expenditure Account (page 3) | - | - | |
| Balance as at 31st December 2022 | |||
| 30,789 | 29,289 | ||
| 10. Housing Corporation Costs | |||
| 10 Units (2021-10) | |||
| Management | |||
| Day to Day Repairs & Maintenance | 8,758 | ||
| CyclicalRepairs&Maintenance | 5,230 |
Page 8
St Leonards Hospital Trust
Income & Expenditure Account for the Year Ended 31st December 2022
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|£|&|£|£|
|Income|from|Tenants|Contributions|&|Service|Charges|38,293|36,151|
|Income|from|Investments|etc:|
|NAACIF|Income|Share|Interest|11|15|
|Lloyds|&|Nationwide|Interest|262|275|
|Barclays|Dividend|&|Investment|Income|33|93,963|
|305|94,253|
|Other|Rents|35|35|
|Other|income|-|-|
|38,633|130,439|
|Less:|Services|
|TV|Licence|60|68|
|Insurance|1,122|1,191|
|Heating|&|Lighting|4,155|4,463|
|Rates|3,812|1,984|
|Telephone|Rentals|610|843|
|Celebration|Costs|1,388|-|
|Residents|Gifts|501|630|
|11,649|9,178|
|Management:|
|Clerk's|Remuneration|5,200|5,500|
|Audit|&|Accountancy|Fees|738|708|
|Postages,|Stationery|&|Advertising|366|416|
|Subscriptions|555|503|
|Sundry|Expenses|115|221|
|Professional|Fees|3,523|2,604|
|10,497|9,952|
|Repairs|&|Maintenance|8,758|3,881|
|Cyclical|Maintenance|5,230|-|
|13,988|3,881|
|36,134|23,011|
|Excess/|(Deficit)|of Income|over|Expenditure|for the Year|2,499|107,428|
----- End of picture text -----
Page 9
ST LEONARDS HOSPITAL TRUST
Notes to the Financial Statements for the year ended 31 December 2022
14. PRINCIPLE ACCOUTING POLICIES
The Financial Statements have been prepared in accordance with applicable Financial Reporting Standards in the United Kingdom, the SORP “Accounting by Registered Social Landlords” issued in May 2005 and the Accounting Requirements for Registered Social Landlords General Determination 2006. A summary of the more important accounting policies is set out below.
a) Basis of Accounting
The Financial Statements are prepared on the Historical Cost basis of accounting.
b) Turnover
Turnover represents maintenance contributions receivable.
c) Housing Properties
The Almshouses were constructed in the late Nineteenth Century by three benefactors. The Housing Properties cost relates to improvements carried out since 1970 which were funded by a Housing Construction grant, and from St Leonards Hospital Trust’s own resources. As the properties are maintained in a state of repair such hat their estimated residual value is not less than their improvement cost or carrying amount, the annual charge for depreciation would be NIL.
d) Housing Association Grant
Housing Association Grant (HAG) is paid by the Housing Corporation to reduce the cost of development and is, therefore, shown as a deduction from the cost of Housing Properties on the Balance Sheet.
e) Cyclical Repairs and Maintenance
St Leonards Hospital Trust has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred.
f) Extraordinary Repairs
Costs of Extraordinary Repairs, unless representing improvements to the properties, are charged to the Revenue Account in the year in which they are incurred.
g) Cyclical Repairs and Maintenance Reserve
This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
h) Value Added Tax
St Leonards Hospital Trust is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.
i) Cash Flow Statement
Under Financial Reporting Standard No 1, the Trust is not required to produce a Cash Flow Statement.