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2022-04-06-accounts

Governors'
Report		 Page
Introductory sentences
Reference and administrative details
Objectives and public benefit
Governance and organisation
Principal
activity
Achievements and future plans
Financial
review		 18
Statement
of		 Governors' responsibilities 21
Independent
auditor's		 report 22
Statement
offinancial		 activities 25
Balance sheet 26
Statement
ofcash flows		 27
Notes to the statement ofcash flows 28
Notes to the accounts 29

%Delivered on %Delivered on~
No ofJobs Time Time ;8)me
Emergency 24hours 11 91%
Relet 50 78% 100%
Urgent 7days 59 73% 95%
Routine 28Days 125 90% 84%
planned works 180days 113 74% 98%
Servicing Appt 98 N/A 75%
Totals

Metrics specified
by the regulator		 Outcome Outcome
2021/22 2020/21
Metric 1: Reinvestment
%		 2.3% 1.5%
Metric 2a: New Supply (Social Housing
Units) %		 1.0% NIL
Metric 2b; New Supply (Non-Social
Housing		 Units) % Nil NIL
Metric 3; Gearing % (3.28%) (2.19%)
Metric 4: EBITDA (Major Repairs Included) 1,746% 1,456%
Interest Cover %
Metric 5: Headline
Social Housing
Cost per Unit		 56,596 E6,902
Metric 6A: Operating
Margin (social housing		 lettings only) (1.4%) (3.7%)
0/
Metric6B: Operating
Margin
(overall) %		 13.3% 8.9%
Metric 7: Return on Capital Employed
%		 0.8% 0.6%

F million
Endowment funds 10.58
Restricted funds 0.43
Unrestricted designated funds 0.46
Unrestricted general funds 0.42
11.89

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN QKEHAM Responsibllitlgs of Govemor¥ As explained more fully in the Govemors, responsibifilios slatgmgnl Sel out on page 21. the Govetnors are responsiblè for the pieparation of financial statèmÈnts which give a true and fair view, and for such intèmal Control as the Govemots dÉtèrmÈne is necessary to enabl& the preparation of financial st8tgmenls that are free from materfal mi88tatement, whether due to fraud or error. In preparing the financial st8tÈmenls, the Govemors aro re5ponsFble lof assessing the Ch8rity's ability lo continue 8S 8 going concem. disclosing. as applicable, rnatlers ￿lated ID going concem and using the golng concerll basis of acsounling unlass the Governors either inl¢nd lo liquidate the Charity or to ¢88se operations. or have no realistic altemative but to do so. AudltoV$ re$pon$ibilities for the audrt of thg flnanclal stat•m•nl# We have been appointed as auditor under sèction 144 of the Charities Act 2011 and report in accordancè with regulations made under section 154 of th* Act. Ourobjectives are to obtain reasonable assurance about whetherlhe financial st8t&ments as a whole are f￿9 from material misststemenl, whether du¢ to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of 85suran￿, but is not a guarantee that an audit Gonducted in accordance with ISA5 (UK) will always detect a material Fnisslatement when it exists. Misstatements Gan arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be Èxpècted lo influence the e¢onomi¢ decisions of usel$ tsken on the basi$ of these financial siatemenls. Irregularities. in¢luding fr8ud. are instances of non-compliance with laws and regulations. We dèsign procedures in line with our responsibiliti&s, outlined above. to d¢te¢l material mis5tatementS sn respect of irregLtJarities, including fraud. The ￿tellI lo which our procedures are eapable of detecting irregularities, including fraud is delaif¢d below.. In addressing the risk of fr8ud through management override of controls, testing Ihe 8ppropriaten&5s of jtsumal entries and other adjuslment5', Assessing whether the judgements made in 8ccounling estimates ar¢ indicative of a potential bias.. Evaluating the rationale of any significant transaction5 that are unusual or outside the nomial course of business., Analytical procedur6s are performed as well as subslantNe tesling to identify any polenlial misstatemÉrrt due to fiaud,. and Th8 audit Pro￿dureS would also involve being aware ol any such items from r•viÉwing minutes and Ihir(I paty communi¢alion5 and reports and discussions held with staff and management to obtain 8n understanding. Because of the inhorenl limitations of an aud¢c, there is a risk thal wo wlll not detect all irregularilies, including those leading to a material misstalernent in the financial statèments or non-complianGe with regulation. This rtsk increases (he more Ihal complianc& with a law or regulation is removed from the events and Iran5aclions reffecled in th8 financial statements. 08 we will be less likely to become aware of instances of non-compliance. Th8 risk is also 9￿¥ter ￿98rdIng irregularitie occurring due lo fraud rather than errol, as fraud involves intÈnb'onal concealment, lorgery, collusion, omission or misrepresenlalion. A further dascriplion of our respon3ibililios for the audit of the financial slalements is locatad on the Financial Reporting Council's wèbsite at.. https-.lhw￿.IrQ.Qrg.ukIour-workIAudlVAud1I-and-aSs￿￿nce1sts￿dardS-and￿UldaTr￿1sIa￿d3rds- and-guidanG¢-for-auditorslAudilors-responsibililies-for-auditlDescription-of-auditors-responsibililies.for-audit.aspx.This description foms part of our auditorfs report. -23-

Unrestricted Restricted Permanent Total Total
funds funds endowment 2022 2021
funds
Notes 6
Income and endowm t from.
Charitable
activities		 670,305 670,305 656,179
Investments 121,463 121,463 115,019
Other income 2,456 7,500 9,956 26,050
Donations
and legacies		 379 379
Total income and endowments 794,603 7,500 802,103 797248
~E*
it
Charitable
activities		 7 517,950 161,409 679,359 703,954
Investment
management		 costs 8 24,959 24,959 23,081
Total resources expended 542,909 161,409 704,318 727,035
Net incoming/(outgoing)
resources
before transfers
and gains/(losses)		 251,694 7,500 (161,409) 97,785 70,213
on investments
Net gains/(losses)
on
investments 47,562 184,845 232,407 1,010,127
Net incoming/(outgoing)
resources
before transfers		 251,694 55,062 23,436 330,192 1,080,340
Gross transfers
between		 funds (191,357) (6,898) 198,255
Net movement
in funds		 60,337 48,164 221,691 330,192 1,080,340
Fund balances at 7 April 2021 817,846 385,450 10,364,495 11,567,791 10,487,451
Fund balances at 6April 2022 878,183 433,614 10,586,186 11,897,983 11,567,791

2022 2021
Notes f f
Fixed assets
Tangible assets 12 5,464,886 5,444,661
Investments 13 6,232,796 5,994,434
11,697,682 11,439,095
Current assets
Debtors 15 28, 100 53,876
Cash at bank and in hand 479,977 406,446
508,077 460,322
Creditors: amounts falling due within
one year 16 (99,883) (108,479)
Net current assets 408,194 351,843
Total assets less current liabilities 12,105,876 11,790,938
Creditors: amounts falling due after
more than one year 17 (207,893) (223,147)
Net assets 11,897,983 11,567,791
Capital funds
Unrestricted
funds		 - general 421,500 398,170
Unrestricted
funds		 —designated 21 456,683 419,676
Total unrestricted funds 878,183 817,846
Endowment
funds		 22 10,586,186 10,364,495
Including
revaluation		 reserve off2,102941(2021:f1,937885)
Restricted
funds		 23 433,614 385,450
Including
revaluation		 reserve off321,324(2021:f273,761)
11,897,983 11,567,791

2022 2021
Notes 6 8
Cash flow from operating activities 197,241 142,522
Cash flow from investing activities
Purchase oftangible
fixed assets		 (184,458) (121,435)
Investment
purchases
and		 disposals 82,067 3,057
Interest income 577 595
Investment
income (net ofinvestment
management
costs)		 95,927 91,938
Net cash flow from investing activities (5,887) (25,845)
Cash flow from financing activities
Repayment
of bank loans		 (14,757) (11,815)
Drawdown
ofloan		 25,000
Interest
paid		 (15,044) (15,628)
Net cash flow from financing activities (29,801) (2,443)
Net increase
in cash and		 cash equivalents 161,553 114,234
Cash and cash equivalents at beginning ofyear 926,001 811,767
Cash and cash equivalents at end ofyear 1,087,554 926,001
Cash and cash equivalents consists of:
Bank balances and short term deposits 479,977 406,446
Investment
cash balances		 607,577 519,555
Cash and cash equivalents at end ofyear 1,087,554 926,001

2022 2021
Notes 6
Note (i) —Reconciliation of net income/(expenditure) to
net cash flow from operating activities
Net incoming/(outgoing) resources 97,785 70,213
Adjustments
for:
Investment
income recognised		 in statement offinancial
activities (120,886) (115,019)
Investment
management		 costs 24,959 23,081
Depreciation
and loss on		 disposal oftangible fixed assets 164,233 156,743
Interest payable 15,044 15,628
Interest received (577) (595)
Decrease/(Increase)
in debtors		 25,776 (33,090)
(Decrease)/Increase
in creditors		 (9,093) 25,561
Net cash flow from operating activities 197,241 142,522
Note (ii) - Investment
purchases		 and disposals
Purchase ofother investments (278,794) (698,625)
Proceeds on disposal of other investments 360,861 701,682
82,067 3,057
Note (iii) - Depreciation and impairment oftangible fixed
assets
Depreciation
and impairment
of		 tangible fixed assets 155,327 155,745
Loss on disposal oftangible
fixed		 assets 8,906 998
164,233 156,743
Analysis ofchanges
in		 net debt
Balance at Other Balance at
7 April 2021 Cash flows non-cash 6 April 2022
movements
6
Cash 406,446 73,531 479,977
Loans due within one year (14,723) (497) (15,220)
Loans due after one year (223,147) 15,254 (207,893)
168,576 88,288 256,864

2022 2021
Common room lets 300
Sundry site receipts 1,368 1,569
Grant received —COVID-19 788 1,981
Performance
related grant		 7,500 22,500
9,956 26,050
Analysis by fund
Unrestricted
funds		 2,456 3,550
Restricted funds 7,500 22 500
9,956 26,050
6 Donations and legacies
2022 2021
Donations and gifts 379

Provision of Almshouses
2022 2021
6 E
Staff costs 179,016 180,703
Depreciation
and		 loss on disposal offixed assets 164,233 156,743
Day to day maintenance 74,464 84,324
Cyclical maintenance 67,042 96,519
Utilities 31,447 31,685
Window cleaning and materials 1,692 1,893
Support worker expenses 605 540
Alertacall 16,380 15,094
Charitable
benefit		 31,939 35,036
Landscaping 26,651 23,969
Buildings
and contents		 insurance 7,968 7,726
Management 41,885 35,185
Door entry system 11,181 11,343
Void properties 3,381 1,494
657,884 682,254
Governance
costs		 (see note 9) 21,475 21,700
679,359 703,954
Analysis
by fund
Unrestricted
funds		 517,950 550,485
Endowment
funds		 161409 153469
679,359 703,954

2022 2021
24,959 23,081
24,959 23,081

9 Supportcosts
Governance 2022 2021 Basis ofallocation
costs
6
Audit fees 6,431 6,431 6,072 100%charitable activities
Interest payable 15,044 15,044 15,628 100%charitable activities
21,475 21,475 21,700

2022 2021
Number Number
Clerk
Administration Assistant
Property Services Manager
Finance Officer
Residents'
Support Worker
Housekeeper
Employment costs 2022 2021
6 6
Wages and salaries 156,561 157,726
Social security costs 10,040 10,466
Other pension costs 12,415 12,51'1
179,016 180,703
Remuneration of key management personnel
The remuneration
of key management		 personnel is as follows:
2022 2021
E 6
Remuneration benefits for the Clerk to the Charity 53,632 52,095
There were no employees whose annual remuneration was f60,000 or more.

12 Tangible fixed assets fixed assets
Land and Fixture, Total
buildings fittings and
equipmentf
Cost
At 7 April 2021 7,692,324 66, 189 7,758,513
Additions 183,498 960 184,458
Disposals (37,486) (37,486)
At 6 April 2022 7,838,336 67, 149 7,905,485
Depreciation
and impairment
At 7 April 2021 2,259,651 54,201 2,313,852
Depreciation
charged		 in the year 152,503 2,824 155,327
Depreciation
on disposals		 (28,580) (28,580)
At 6 April 2022 2,383,574 57,025 2,440,599
Carrying amount
At 6 April 2022 5454 762 10 124 5464 88I
At 6 April 2021 5,432,673 11,988 5,444,661

Fixed asset investments
2022 2021
E E
Listed investments 4,910,219 4,819,879
Farmland 715,000 655,000
Cash and cash equivalents:
- Investment
management		 deposit account 156,687 80,262
- COIF deposit account - Extraordinary repair fund 358,355 358,079
- COIF deposit account - Cyclical maintenance fund 92,535 81,214
6,232,796 5,994,434

Movemen ts
in fixed asset investm		 ents
Cash Shares Farmland Total
E E E
Cost or valuation
At 7 April 2021 519,555 4,819,879 655,000 5,994,434
Additions 88,022 278,794 366,816
Valuation changes 152,619 60,000 212,619
Disposals (341,073) (341,073)
At 6 April 2022 607,577 4,910,219 715,000 6,232,796
Carrying amount
At 6 April 2022 607,577 4,910,219 715,000 6,232,796
At 6 April 2021 519,555 4,819,879 655,000 5,994,434

14 Financial instruments instruments 2022 2021
E F
Carrying amount offinancial assets
Equity instruments measured at fair value less impairment 4,910,219 4,819,879
4,910,219 4,819,879
Carrying amount offinancial liabilities
Loans measured at amortised cost 223,113 237,870
Financial assets pledged as collateral
The loans are secured and some carry a variable rate of interest as described in note 18.
The loans ar e secured e secured and some carry and some carry a variable
rat		 a variable
rat		 e of interest e of interest as described as described as described in note 18.
The interest payments on these loans are therefore susceptible to changes in interest rates. The Governors
acknowledge these risks, though they also acknowledge that the financial impact of any increases in interest
rates will be mitigated by corresponding increases in the performance oftheir fixed asset investments.
15 Debtors
2022 2021
Amounts
falling due		 within one year: E
Other debtors 1,569 35,463
Prepayments and accrued income 26,531 18,413
28,100 53,876
16 Creditors: amounts falling due within one year
2022 2021
Notes E E
Loans and overdrafts 18 15,220 14,723
Trade creditors 70,178 63,477
Other creditors 811 14,574
Accruals and deferred income 13,674 15,705
99,883 108,479
17 Creditors: amounts falling due after more than one year
2022 2021
Notes E E
Loans and overdrafts 207,893 223,147

18 Loans and overdrafts Loans and overdrafts
2022 2021
6 5
Long term housing
loans		 223,113 237,870
Payable within one year 15,220 14,723
Payable after one year 207,893 223,147
Amounts included above which fall due after five years:
Payable by instalments 141,487 161,047

Lease Commitments
2022 2021
F
The future
minimum		 operating lease payments are as follows:
Within one year 15,000 15,000
Between one and two years 15,000 15,000
Between two and five years 10,000 25,000
40,000 55,000

20 Analysis of net assets net assets between funds
Unrestricted Designated Restricted Endowment Total
funds funds funds funds
f f F f
Fund balances at 6 April 2022
are represented
by:
Tangible fixed assets 10,124 5,454,762 5,464,886
Investments 450,890 433,614 5,348,292 6,232,796
Current assets/(liabilities) 411,376 5,793 (8,975) 408,194
Creditors due after one year (207,893) (207,893)
421,500 456,683 433,614 10,586,186 11,897,983
21 Designated funds
Balance at Transfers Balance at
7 April 2021 6 April 2022
Cyclical maintenance fund 61,596 36,732 98,328
Extraordinary repairs fund 358,080 275 358,355
419,676 37,007 456,683
22 Endowment funds
Depreciation and
loss on disposal Revaluations
Balance at of land and gains and Balance at
7 April 2021
f		 buildings f Transfers losses
f		 6 April 2022
f
Permanent
endowment		 fund 10,364,495 (161,409) 198,255 184,845 10,586,186

Increase
in
Balance at value of Balance at
7April 2021 Income investments Transfers 6 April 2022
Recoupment fund 385,450 47,562 602 433,614
Office conversion project 7,500 (7,500)
385,450 7,500 47,562 (6,898) 433,614