SIR EDMUND TURNOR'S HOSPITAL Registered Charity P*umber: 218766 Aceounts for the year ended 31" Deeember 2024 Saul Fairholm Limited Chartered Actount#nts 12 Tentercroft Street Lincoln LN5 7DB SIR EDMUND TURNOR'S HOSPITAL Accounts for the ear ended 31" De¢¢]nber 2024 COYI fENTS Trustees R¢port Independent Examincrs. Report Staiement of Financial Activities Balance Sheet 7-12. Notes to the Accounts SIR EDMUND TURNOR'S HOSPITAL Trustee5 Re ort for the ear ended 31" December 2024 ORIECTIVES ACTIVITIES Tlie Chariiy is r¢gistered wilh thL Charities Cominission to provide accominodation for the elderly. Thc specific objccts of the Charity are to provid¢ and administer almshouse accommodation in Wragby. The Charity is noi restrictive in determining the criteria for entitlement to almshouse accoinmodaiion. A group of 10 almshouses centrally located in Wragby constitut¢s the freehold property. The day to day administration is undertaken by Robert Bell & CoiT]pany, Chartered Surveyors. who report to the Trustees. Th¢ Trustees have had regard to Charity Commission guidance on public benefir. The Trustees have complied with th¢ duty in section 17{51 of the 2011 Charities Act, as amended by the Charities Act 2022, 10 hav¢ due rcgard to guidance published by thc Charity Commission. ACHIEVEMENTS AND PERFORMANCE Thc Trustees are satisfied with the perfom]ance and achievement of the Charity in th¢ year. FIfiATr4CIAL REVIEW During (he yeiir the Charity had ioial incoming resources of £489X)1 {2023 .. £37029} of which £46144 {2023 £347031 arose from maintenance contribuEions. Total expenditure was £29373 (2023 .' £432971 of which £11336 {2023 .. £25151 I relatcd to maintenance of buildings. Thc surplus arising on incoming and outgoing resources, together with th¢ gain on investment assets held of £15986 (2023 . gain £l1855} brought about an overall net surplus in the year of £35514 {2023 Surplus £5587). The Charity Inaintains financial manage]nent policies des2gned to ¢liminaie ag far as possible financial risk to the Charity. This involvcs matntaining contingcncies for future cyclical rcpairs requireinents and insuring agFainst insurable losses. The Trustccs believe the range of investments provides an ovetall protection of charitable assets but they do regularly review the policie5 in this area to reduc¢ the financial risk. The investment selection policy is based on achieving easy access to the cash fi]nds and therefore a low rat¢ of interest is accepted. During 2024 four meetings of trustees were held. The restricted funds reprcsents the histOriL grant received with the fieehold land and buildings. The Dcsignated Fund represents a rc5erve for future major repair expenditure to housing properties. STRUCTURE, COVF.ILYAP#CE AND MAINAGEMENI T The Turjiot. -frust was established by Sii. Edmund 'Fuimoi s will of 1708 and is regulated by a Sealed Scheme of the Charity Commissioners dated 1989 as a R¢gistered Charity No. 218766. Its add￿sS is clo Robcrt Bell & Company, Old Bank Chambers, Horncastle, Lineolnshire, LN9 SHY. Thc Board of Trustees are appointed by being ex-officio, or being nominated by the Bishop of Lincoln or bein¥ LD-OPted. Appropriate induction training is provided. The Annual General Meeting at which the Chairman for the ensuing year is elected is held in March. Meetings are hcld as required and appropriat¢ in the year. SIR EDMUND TURNOR'S HOSPITAL Trustees Rc ort for the ear ended 31" DeCem1￿r 2024 TRUSTEE'S RESPONSIBILITIES The trustees are responsible f¢)r preparing ihe Trustees, Annual Report and lh¢ financial Statements in accordance with applicablc law and United Kingdom Accounting Stand2rds (United Kingdor Generally Accepted Accounting Praciice}. The law applicable to chariti¢s in England and Wales iequires the irustc¢s to prepare financial staiements for each financial year which give a true and fair view of the siatc of affairs of the Charitable Trust and of the incoming resourccs and application of resources of the Charitable Trust for that period. In prepanng these financial siaiements, the ttustees 8re requir¢d to: select suitable aecouDting policies and then apply them consistently. obs¢rve the method5 and principl¢s in the Charities SORP. make judgements and estimates thai are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subj¢ct to any material departures di8elosed and explained in the financial state￿eniS. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitabl¢ Trust will ¢ot]tinue in business. The trusttts are responsible for keepingF 2dequate accounting rccords ihal disclose with reasonable accura¢y at any timc the financial position of the Charitable Trust and to enable them to ensure that the Financial Stat￿￿ents comply with the Charities Act 2011. as amended by the Charities Act 2022, the applicable Charities (Accounts and Reports) Regulations and the provision of the trust deed. They are alsu responsible for safeguarding the assets of the Charitable Trust and hence lor iaking reasonable steps for the prevention and detection of fraud and other irregularities. RISK MANAGEMENT In liaison with the Management Committee, all fijnds are Care￿IlY monitored and discussions are held on a monthly basis. SIR EDMUND TURNOR'S HOSPITAL Trustees Re ort for the ear ended 31 ' Deeember 2024 REFERENCE AND ADMIYISTRATIVE DETAII.S The naiiie of ihe Charity 1.% Sir Edn)und Turnor's 1.105Pltal. Its ieoisiration number is ?18766. Th¢ principal address is Clo Robert Bell & Company, Old Bank Chambers. Horneastle. Lincolnshire, LN9 5FIY. The Charity Trustees during the year to 31" Dccember 2024 were.. Rev Mark Hold¢n (Chaimianl Mrs Elizaberh Stephenson Rev Susan Bradley Rev James Campbcll Mrs Marilyn Thornicroft Mr John Bird Mrs Janet Cannon Mrs Linda Westwood The accounts are subjected to an independent examiners report by R Welsh FCA of Saul Fairholm Limited, Chartered Accountants, 12 T¢ntcrcroft Strcet, Lincoln. ROBERT BEL Managsng A&Fents Old Bank Chambers Horncasile Lincolnshire DCO. Rev Mark Holdcn On Behalf of the Trustees 3° March 2025 INDEPENDEf4T EXAMINER'S REPORT TO THE TRUSTEES OF SIR EDMUND TURNOR'S HOSPITAL I report to the Truste￿ on my examination of the accounts of thc Sir Edinund Turnor's H05Pital (the Trust) for the year ended 31 sl Deceinbcr 2024 which arc set out on pages 5 to 12. RESPECTIVE RESPOLNSIBII,ITIES OF TRLTSTEES AND LXAMIINER The Trustees are responsible for the preparation of the accounts. The Trnstees ¢onsider that an audit is not required for this year under section 144(2) of the Charities Act 2011, as amended by ihe Charities Act 2022, and thai an independent examination is nceded. It is my responsibility to.. examine the accounts {uDder section 145 of the 2011 Act)- follow the procedures laid down in the General Directions given by the Charity Commission under scclion 145(5)(b) of the 2011 A¢i' and state whether particular maiters have com¢ to my attention. BASIS OF INDEPENDENT EXAMINERS, REPORT My examination was catTied out in accordance with th¢ General Directions &ven by the Charity CoEnmission. An examination includes a review of the accounting records kept by the Charity at]d a comparison of the accounts prescnted with those records. It also includes Consideration of any unusual items or disclosures in the accounts and s¢¢king of explanations from you as Trustees concerning any such matters. Th¢ procedures undertaken do not provide all the evidence that would be reouired in an audit and conscquenily no opinion is given as to wheiher the accounts present a 'true and lair view and (he report is limitcd to Ihose matters set out in the statcment below. INDF,PENDENT EXAMINERS, STATF.MENT In COnn￿li0n with my ¢xamination, no matter has come to my attention.. which gives me reasonable cause to believe that in any materi21 reS￿l the requirements.. to keep accounting records in accordancc wsth section 130 of the 2011 Act; and to p￿pare accounts which accord with the accounting records and to comply with the accouniing requiremenis of the 2011 Act have not been met- or {2) to which, sn my opinion, attention should be draThn in order to enable a proper understanding of the accounts to be reacbcd. R M WELSH FCA Saul Fairholm Limited Chartered AccoLll)tants 12 Tentercroft Street Lincoln LN5 7DB 3 March 2025 SIR EDMUND TURNOR'S HOSPITAL Siatemtnt of FinanciAI A¢tivities for the ear ended 31" Decetnber 2024 Restricted restricted Funds Funds Total 31.12.2024 Restricted restricted Funds Funds Total 31.12.2023 I.NCOME FROM". Charitable Activities Investments 46144 2757 46144 2757 34703 2326 34703 2326 TOTAL 489Ql 48901 37029 37029 EXPENDITURE ON Charitable Aciiviiies 2282 27091 29373 2282 41015 43297 TOTAL 2282 27091 29373 2282 41015 43297 NET (EXPEINDITURE)I ILNCOME 12282) 21810 19528 {22821 (3986) (62681 OTHER RECOGL4iISED cAl￿s (Lossl/Gain on Revaluaiion of Investm¢nt Assets 15986 15986 11855 11855 NET MOVEMENT IN FUTrIDS {2282J 37796 35)14 {2282) 7869 5587 RECOI44CILATION OF FULNDS Fund Balances Brought Forward 150636 298625 449261 152918 290756 443674 FUND BALANCES CARRIF.D FORWARD 148354 336421 484775 150636 298625 449261 SIR F.DMUND TURNOR'S HOSPITAL Balance Sheet as at 31" December 2024 2024 2023 FIXED ASSETS Freehold Land and Buildings Investments 191072 267619 193354 249437 458691 442791 CURRENT ASSETS Debtors Cash ai Bank and in Hand 1529 27004 1116 7372 28533 8488 CREDITORS: Amounts falling due wiihin one year 10 2449 2018 I ET CURRENT ASSETS 26084 6470 TOTAL NET ASSETS 484775 449261 THE FUNDS OF THE CHARITY Resiricicd Funds Unresirict¢d Funds- General Purpoge Designaied 148354 36400 300021 150636 16786 281839 TOTAL CIIARITY FLNDS 484775 449261 Rcv Mark Holden - On behalf of the TNstees Authorised for issue on 3 March 2025 SIR EDMUND TURNOR'S HOSPITAL otes to the Aceoujtts for the ear ended 31" December 2024 ACcoL￿TING POLICIES (a) B#5l5 of Preparation The Financial Staleinenls have been preparcd under the historical Cost convention and in accordan¢c with the Siaiem¢nt of Recomrncnded Practi¢e applicable io charities prcparin¥ their accounis in accordance wilh Charitics SORP.. Accounting and Reporting by Charities.. Statement of Recommend¢d Practice applicable to Chariti¢s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 effective I" January 2019. The Trust de-regisrered frotn the Housing Corporation as a registered social landlord in 1998. (b) Housing A559ciation Grant A Flousing Association Grant IHAGI iotalling £228228 was made by the Department of the Environment and was ulilised to reduce the amount of mortbFage loan to the amount which it is estimaied can be scrviced by the net annual income of the scheme. The amount of HAG was calculat¢d on the qualifjing costs of the schcme in accordance with instructions issued from time to lime by the Department of the Environment. The grant was paid direct io the lending authority. The residual loan was repayable to the finance provider over a period of 30 years. (t) Fixed As$¢ts The cost of buildin& thc almshouses is not known as no records are available. It is known tliat some improveni¢nts were made in ihe mid 1960 s finan¢ed by the Inowl East Lindsey District Council in the sum of £8630. It has been decided to show the cost of th¢ assets. prior to the pr¢s¢nt improvements, as a nominal figur¢ of £8630. Further improv¢En¢nts were made between 1989 and 1991 financed by the Housing Corporation in the sum of £262316. The sum ol the two improvement fIgures has been taken as the cost of the prop¢rty in th¢ accounts. The almshouses are considered to be the only fixed ass¢ts of the Chariry and further capital expenditure is not expected. (d) Depreciation Depreciation is calculated on a straight line basis. Depreciation 2$ provided to write down the cost less estimated residual value, over the esiimatcd useful life of 100 years. {e) Restricted Reserves The restricted fund represents the Housing Association Grant received less the aceuinulatcd dcpreciation on the related propcrty. (D Designated Reserves The designated reserve represents amounts set aside for future cyclical repairs and maintenance and ¢xtraordinary repairs to housing accommodation. SIR EDMUND TURNOR'S HOSPITAL Notes to the Account% for the ear ended 315¢ December 2024 ACCODNTING POLICIES ICONT'D) (g) General Reserves General purpose reserves comprise thos¢ funds which the Trustees are free lo use in accordance with the charitable objects but which have not been cldssified as designated reserves. The Trustees confimi thai appropriate Icvels of general purpose rescrves exist, given the ongoing cash requiremcnts of the Charity. (h) Investments Inv¢stmenis are carried ai markcl v81ue with the movement in market value being recogniged in the Stat¢ment of Financial Activities. Income Reeoenition Incoming resources are derived from ordinary aciivities. Income is recognised once the charity hgs entitlemeni to the income, it is probable that the incomc will be received and the amount of income r￿tiVable can be meagured reliably. The entity is not regist¢red for VAT. ti) Expenditure Recognition Expenditure is accounied for on an accruals basis and that which relates to the almshouses, in particular,. utiliiies. management fees, independent examin2tion fee and maintenance are regarded as being for charitable activities. Further detail is provided in notc 3. Liabilities are recognised as expenditure as soon as there is a legal or consltuctive obligation committing the charity to that expendiiure, it is probable that settlement will bc required and the amount of the obligation can be measured reliably. (k) A]loeation of Support and Governance Costs Support Coslg have been allocaied between governance costs and management f¢es. Governance costs comprise all costs involving the public a¢eountability of thc ¢hariiy and its compliance with regulation and good practice. These Costs are for the independent examination fec. DEPOSIT INTEREST 2024 2023 National Association of Almshouses Common Investment Fund Charities Deposii Fund and Other Interest 561 2196 526 1800 2757 2326 There was no restricted income in 2024 or 2023. SIR EDMUND TURNOR'S HOSPITAL L Otes to the A¢counts for the ear ended 31" December 2024 CHARITABLE ACTIVITIES Restricted restrieted Funds Fundg 2024 Total Restricted restrieted und5 2023 Total Cleaning Ilaie5 Maintenanc¢ of Buildings Depreciation Eleciricity Maintenance of Grounds Insurances Sundries and Letting Fee Loan Interest 240 1970 240 1970 240 1400 240 1400 11336 11336 2282 297 25151 25151 2282 343 2282 2282 297 343 1090 1579 1090 1579 1174 1522 1174 1522 1331 1331 3031 3031 2282 17843 20125 2282 32861 35143 Support Costs ManabFemeni Fees (rov¢rnance Costs 8026 8026 6932 6932 1222 1222 1222 1222 2282 27091 29373 2282 41015 43297 Support and governanc¢ costs are allocat￿ in their entirety to the Charity's principal activity. GOvERNA￿cE COSTS 2024 2023 Independent Examiners Fees 1222 1222 This fee includes production of siaiuiory accounts for the Charity. TRUSTEES RE,VIUNERATION AND F.XPENSES No remuneration directly or indirectly out of the funds of the Charity was paid or is payable for the y¢ar to any Truste¢ or any person or pcrsons known to be connected with any of thcm. I'here have been no reimburs¢ment ofexpenscs made to any Trustees during the year. 10. SIR EDMUND TURiYOR'S HOSPITAL L440tes to thc Accounts for the ear ended 31" December 2024 FUP4DS AND FUND T￿4￿sFERs 2024 2023 Gentral Purpose Fund General Purpose Fund Design#ted Fund Designated Trund At Beginning of Year Investment V8luaiion GAins Investment Disposal Charities Deposit Fund and Building Society Interest Incoming Resources OutgoiDg Resourc¢s 281839 15986 16786 278184 11855 {100001 12572 i 0000 2196 1800 46705 (27091) 35229 (410151 At End of Year 300021 364(Ml 281839 16786 The tksignated Fund repres¢nts a rescrve for future major r¢pair or cnhancement expenditsre to housing properties. The reserve is predominantly matched against the arnounts held in FRxed Asset Investments in the Balance Sheet. The Resirictcd Fulld represents ihe historic Housing Association Grant received less the accumulated depreciation chargc in respect of the frechold land and buildings. 2024 2023 At B¢ginning of Year Depreciation Charge on Properties 150636 (2282) 152918 (2282) At End of Y¢ar 148354 150636 The Restricted Fund Can be analysed as.. Historic Housing Association Grant Cumulativ¢ Property Dq>reciation 228228 (79874) 228228 {775921 148354 150636 SIR EDMUND TURNOR'S HOSPITAL Notes to the Aeeounts for the e8r ended 31J¢ Deeember 2024 TA)iGIBLE FIXED ASSETS- FREEHOLD LAND AND BLILDI￿G5 COST At Beginning oFYear 270946 At End of Year 270946 DEPRECIATION At Beginning of Year Charge 77592 2282 At End of Year 79874 NET BOOK VALUE At Beginning of Year 193354 At End of Year 191072 INVES"fMENTS 2024 2023 Msrket Value Market Value Cost Cost 13841 (2023.. 13841} M & G Charity Multi Asset Fund. Markct value £92.83 (2023 = £89.82) per 100 unils Chariiies Deposit Fund 173212023 .. 1732) M & G Charity Multi Assei Fund. Market Value £12107.14 (2023 - £11208.26) per l 00 units. 10020 39349 12848 45068 10020 39349 12432 42871 7217 209703 7217 194134 56586 267619 56586 249437 2024 2023 Invesiments at markei value can be summarised as- At 31 ￿ December 2023 Disposals Deposit Inierest Received (Loss)/Gain on Investments on Revaluation 249437 245782 (i 00001 1800 11855 2196 15986 Market Value at 31, Decemb¢r 2024 267619 249437 Thc Charities Deposit Fund Investment is repayable on demand. It has not been possible lo deterniine Ehe costs of the other investmenis and thesc arc shown ai 1989 valuations plus cost of additions. SIR EDMUND TURNOR'S HOSPITAL Not¢5 to the Accounts for the ear endcd 31" December 2024 DEBTORS- Amounts falling due within one year 2024 2023 A￿tar5 of Weekly Maintenance Contributions Prepajmenls 379 150 334 782 1529 1116 io. CREDITORS- Amounts falling due within onc year 2024 2023 Accruals 2449 2018 2449 2018 ii. Af*ALYSIS OF NET ASSETS BY FUND General stricted Purpose Funds Fund Desig- ated Fund Re- General stricted Purpose Funds Fund Desig- nated Fund 2024 Total 2023 Total Fixed Assets Investments Current Asscts Current Liabilitie$ 148354 10316 32402 191072 267619 267619 150636 10316 32402 193354 249437 249437 28533 28533 8488 8488 (2449) 12M91 {2018) (20181 148354 36400 300021 484775 150636 16786 281839 449261 12. CO.NTROLLI PARTY Thc Charity is controlled by the Trusttts.