| Page | |||
|---|---|---|---|
| Governors' Report |
|||
| 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 |
23 | ||
| Statement offinancial activities |
26 | ||
| Balance sheet | 27 | ||
| Statement ofcash flows |
28 | ||
| Notes to the statement ofcash flows |
29 | ||
| Notes to the accounts | 30 |
| Progress since the commencement of the project is as follows, |
Progress since the commencement of the project is as follows, |
Progress since the commencement of the project is as follows, |
with the total number | of completions | to |
|---|---|---|---|---|---|
| the improved specification |
as at the end ofeach financial year | being: | |||
| 2022/23 | 8 refurbishments | completed | |||
| 2021/22 | 20 refurbishments | completed | |||
| 2020/21 | 16refurbishments | completed | |||
| 2019/20 | 12 refurbishments | completed | |||
| 2018/19 | 8 refurbishments | completed | |||
| 2017/18 | 4 refurbishments | completed |
| Metrics specified by the regulator |
Outcome | Outcome | |||
|---|---|---|---|---|---|
| 2022/23 | 2021/22 | ||||
| Metric 1: | Reinvestment % |
3.5% | 2.3% | ||
| Metric 2a: | New Supply (Social Housing Units) % |
NIL | 1.0% | ||
| Metric 2b: | New Supply (Non-Social Housing |
Units) | % | NIL | NIL |
| Metric 3: | Gearing % | (3.16%) | (3.28%) | ||
| Metric 4: | EBITDA (Major Repairs Included) | 1,719% | 1,746% | ||
| Interest Cover % | |||||
| Metric 5: | Headline Social Housing Cost per Unit |
67,619 | 66,596 | ||
| Metric 6A: | Operating Margin (social housing |
lettings | only) | (9.5%) | (1.4%) |
| Metric6B: | Operating Margin (overall) % |
10.2% | 13.3% | ||
| Metric 7: | Return on Capital Employed % |
0.5% | 0.8% |
| the total f | unds held |
by | the Charity were s | ome 611.65 mil | lion, |
|---|---|---|---|---|---|
| 6 | million | ||||
| Endowment | funds | 10.40 | |||
| Restricted | funds | 0.42 | |||
| Unrestricted | designated | funds | 0.50 | ||
| Unrestricted | general | funds | 0.33 | ||
| 11.65 |
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 OKEHAM Respon5ibilitie$ gf Governors As explained more fully in the Govemors, responsibilities statemént set OLrt on page 21, the Gov8rnor8 are responsble for the preparation of financial statements which give a true and fair view, and lor such inlemal control as the Govemors deLermine is necèssary to 8nable the preparation of financial staletnents Ihat are free from material misststement, whether due to fraud Qr orror. In preparing the ffinanGial statemenls. the Govemors are responsible for assessing the Charitys ability to continue as goSng concgm, disclosing, as applicable, matters related lo going GOnM and using ihe going conoem basis of accounling unless the Govèmors èither intend to liquidate tho Charity or ID cease opèrations, or have no realistic allemative but to do so. Au(litor's responsibilities forth¢ audlt of the flnancial staiement8 Wè have been appoinlgd as auditor under seclion 144 of the Charitiès Act 2011 and report in accordance with regulations made under sgclion 154 of thal Act. Our objèctives are to obtain raasonable assurance aboul whethcrthe financial stat6mentS as a whole are free from material misstatement, whether due to fraud DI eiior, and to issue an audittsr's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantèé that Èn audit ctsnducted in accordance with ISAS IUKI wlll always detect a material misstatefflènt wh6n it exists. Misslatemenls can arise frotn fraud or effor and are considered material if. Individually or in thè aggrate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thest finan¢ial statements. Irregularities, including fraud. are instances of non-complian th1¥w$ and regulaNons. We design procedures In Ilne with our responsibilities, outlined abova, to datect material misstatemerits in respect of itregularities, including fraud. The extenl lo which our proGedures are capable ol detecting irrègulariti'2s. including fraud is detailed below.. In addrèssing the risk of fraud through fflanagemenl override of controls, testing thé appropria16ness of journal entri8S and other adjustments., Assessing whether Ihe judgements made in accounting estimates are indicative of a potential bias., Evaluating Ihe ralionale of any significant transactions that are unusual or outside the normal eour8L4 of bu8ine8S,' Analytical proCedUS are performed as well db substantive testing lo identbfy any potsnlial misstatement duè to fraud," and Th¢ audit pr(Kedures would also involve baing awar8 of any such items froTll reviewn9 minutes and third party Gommunications and reports and discussions held with staff and management lo oblain an understandi. Because of the inherenl limitations of an audit, there is a iisk thal we will ncTrt dete¢l 311 irregularitias, InclLJding thosè léadi to s rnatérial misstatement in the financial staternenls or non-compliance with regulafion. This risk increases tho mote thal ¢omplian¢e with a law or regulation is removod fmm the events and trans8clions reflected in the financial stslemenls, as we will be less likely to become awarè ol instances of non-complianco. The risk is also greater regarding iiregularities 0ung due to fraud rather than arror, as fraud involves intentional concealment, forry. collusion, omission or misr8pras8ntation. A furthEf description of our responsibilitias for the audit of the financial statements 15 located on the Financial RepOrt1J ounGil's website at.. https.'Ilww.frC.org.uklOur-WorAudlvAVdIt-and-as$uaCelstOndards-andiuIdan¢è/standards- and4uIdan-fOr-audit0r5lAud1tors-re5pon5ibilities-fOr-audIuDeS¢rlpOnf-èudlto1S-rÈSponSibIll1ies•for-aUdit.aspX.Th•S description fomis part of our auditot's report. -24-
| Unrestricted | Restricted | Permanent | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | endowment | 2023 | 2022 | |||
| funds | |||||||
| Notes | 8 | 8 | |||||
| Income and endowments | from: | ||||||
| Charitable activities |
716,922 | 716,922 | 670,305 | ||||
| Investments | 150,781 | 150,781 | 121,463 | ||||
| Other income | 3,792 | 3,792 | 9,956 | ||||
| Donations and legacies |
305 | 305 | 379 | ||||
| Total income and endowments | 871,800 | 871,800 | 802,103 | ||||
| ~E«dit | |||||||
| Charitable activities |
7 | 603,155 | 181,561 | 784,716 | 679,359 | ||
| Investment management |
costs | 8 | 23,710 | 23,710 | 24,959 | ||
| Total resources expended | 626,865 | 181,561 | 808,426 | 704,318 | |||
| Net incoming/(outgoing) | resources | 244,935 | (181,561) | 63,374 | 97,785 | ||
| before transfers and gains/(losses) |
|||||||
| on investments | |||||||
| Net gains/(losses) on |
|||||||
| investments | (15,024) | (296,690) | (311,714) | 232,407 | |||
| Net incoming/(outgoing) | 244,935 | (15,024) | (478,251) | (248,340) | 330,192 | ||
| resources before transfers | |||||||
| Gross transfers between |
funds | (297,969) | 602 | 297,367 | |||
| Net movement in funds |
(53,034) | (14,422) | (180,884) | (248,340) | 330,192 | ||
| Fund balances at 7 April 2022 | 878,183 | 433,614 | 10,586,186 | 11,897,983 | 11,567,791 | ||
| Fund balances at 6 April | 2023 | 825,149 | 419,192 | 10,405,302 | 11,649,643 | 11,897,983 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | 8 | ||||||
| Fixed assets | |||||||
| Tangible assets | 12 | 5,563,811 | 5,464,886 | ||||
| investments | 13 | 5,937,177 | 6,232,796 | ||||
| 11,500,988 | 11,697,682 | ||||||
| Current assets | |||||||
| Debtors | 15 | 35,960 | 28,100 | ||||
| Cash at bank and | in | hand | 461,314 | 479,977 | |||
| 497,274 | 508,077 | ||||||
| Creditors: | amounts | falling | due within | ||||
| one year | 18 | (155,423) | (99,883) | ||||
| Net current | assets | 341,851 | 408,194 | ||||
| Total assets less | current | liabilities | 11,842,839 | 12,105,876 | |||
| Creditors: | amounts | falling | due after | ||||
| more than | one year | 17 | (193,196) | (207,893) | |||
| Net assets | 11,649,643 | 11,897,983 | |||||
| Capital funds | |||||||
| Unrestricted | funds | —general | 363,786 | 421,500 | |||
| Unrestricted | funds | —designated | 21 | 461,363 | 456,683 | ||
| Total unrestricted | funds | 825,149 | 878,183 | ||||
| Endowment | funds | 22 | 10,405,302 | 10,586,186 | |||
| Including revaluation |
reserve ofE1,822,141(2022: E2,102,941) | ||||||
| Restricted | funds | 23 | 419,192 | 433,614 | |||
| Including revaiuation |
reserve ofE306,300 | (2022:f321,324) | |||||
| 11,649,643 | 11,897,983 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | F | 6 | |||||
| Cash flow from operating | activities | 184,395 | 197,241 | ||||
| Cash flow from investing | activities | ||||||
| Purchase oftangible fixed assets |
(283,569) | (184,458) | |||||
| Investment purchases and |
disposals | (86,946) | 82,067 | ||||
| Interest income | 15,698 | 577 | |||||
| Investment income (nei of investment |
|||||||
| management costs) |
111,373 | 95,927 | |||||
| Net cash flow from investing | activities | (243,444) | (5,887) | ||||
| Cash flow from financing | activities | ||||||
| Repayment of bank loans |
(15,125) | (14,757) | |||||
| Drawdown of loan |
|||||||
| Interest paid | (15,340) | (15,044) | |||||
| Net cash flow from financing | activities | (30,465) | (29,801) | ||||
| Net increase in cash and cash equivalents |
(89,514) | 161,553 | |||||
| Cash and cash equivalents | at | beginning | ofyear | 1,087,554 | 926,001 | ||
| Cash and cash equivalents | at end ofyear | 998,040 | 1,087,554 | ||||
| Cash and cash equivalents | consists of: | ||||||
| Bank balances and short term |
deposits | 461,314 | 479,977 | ||||
| Investment cash balances |
536,726 | 607,577 | |||||
| Cash and cash equivalents | at end ofyear | 998,040 | 1,087,554 |
| Notes | 2023f | 2022 6 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Note (i) —Reconciliation | of net | income/(expenditure) | to | |||||||||
| net cash flow from operating | activities | |||||||||||
| Net incoming/(outgoing) | resources | 63,374 | 97,785 | |||||||||
| Adjustments for: |
||||||||||||
| Investment income recognised |
in | statement | offinancial | |||||||||
| activities | (135,083) | (120,886) | ||||||||||
| Investment management |
costs | 23,710 | 24,959 | |||||||||
| Depreciation and loss on |
disposal | oftangible | fixed assets | 184,644 | 164,233 | |||||||
| Interest payable | 15,340 | 15,044 | ||||||||||
| Interest received | (15,698) | (577) | ||||||||||
| Decrease/(Increase) | in debtors | (7,860) | 25,776 | |||||||||
| (Decrease)/Increase | in creditors | 55,968 | (9,093) | |||||||||
| Net cash flow from | operating | activities | 184,395 | 197,241 | ||||||||
| Note (ii) - Investment | purchases | and disposals | ||||||||||
| Purchase ofother investments |
(655,636) | (278,794) | ||||||||||
| Proceeds on disposal | ofother | investments | 568,690 | 360,861 | ||||||||
| (86,946) | 82,067 | |||||||||||
| Note (iii) - Depreciation | and | impairment | oftangible | fixed | ||||||||
| assets | ||||||||||||
| Depreciation and impairment |
oftangible | fixed assets | 158,976 | 155,327 | ||||||||
| Loss on disposal oftangible fixed |
assets | 25,668 | 8,906 | |||||||||
| 184,644 | 164,233 | |||||||||||
| Analysis ofchanges | in | net debt | ||||||||||
| Balance at | Other | Balance at | ||||||||||
| 7 | April 2022 | Cash flows | non-cash | 6 April 2023 | ||||||||
| movements | ||||||||||||
| F | ||||||||||||
| Cash | 479,977 | (18,663) | 461,314 | |||||||||
| Loans due within one year | (15,220) | 428 | (14,792) | |||||||||
| Loans due after one | year | (207,893) | 14,697 | (193,196) | ||||||||
| 256,864 | (3,538) | 253,326 |
| 2023 | 2022 | |
|---|---|---|
| Common room lets |
1,514 | 300 |
| Sundry site receipts | 2,278 | 1,368 |
| Grant received —COVID-19 | 788 | |
| Performance related grant |
7,500 | |
| 3,792 | 9,956 | |
| Analysis by fund |
||
| Unrestricted funds |
3,792 | 2,456 |
| Restricted funds | 7,500 | |
| 3,792 | 9,956 |
| 2023 | 2022 |
|---|---|
| 305 | 379 |
| Provision of | Almshouses | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Staff costs | 198,853 | 179,016 | ||
| Depreciation and |
loss on disposal offixed assets | 184,644 | 164,233 | |
| Day to day maintenance | 66,547 | 74,464 | ||
| Cyclical maintenance | 115,099 | 67,042 | ||
| Utilities | 30,867 | 31,447 | ||
| Window cleaning |
and materials | 2,610 | 1,692 | |
| Support worker expenses | 662 | 605 | ||
| Alertacall | 18,373 | 16,380 | ||
| Charitable benefit |
57,188 | 31,939 | ||
| Landscaping | 24,674 | 26,651 | ||
| Buildings and contents |
insurance | 8,361 | 7,968 | |
| Management | 51,643 | 41,885 | ||
| Door entry system | 2,472 | 11,181 | ||
| Void properties | 3,381 | |||
| 761,993 | 657,884 | |||
| Governance costs (see |
note 9) | 22,723 | 21,475 | |
| 784,716 | 679,359 | |||
| Analysis by fund |
||||
| Unrestricted funds |
603,155 | 517,950 | ||
| Endowment funds |
~181 561 | 1~61 409 | ||
| 784,716 | 679,359 |
| Investment | management costs |
||
|---|---|---|---|
| 2023 | 2022 | ||
| Investment | management | 23,710 | 24,959 |
| 23,710 | 24,959 |
| Support costs | |||||
|---|---|---|---|---|---|
| Governance | 2023 | 2022 | Basis ofallocation | ||
| costs | |||||
| 6 | F | ||||
| Audit fees | 7,383 | 7,383 | 6,431 | 100%charitable | activities |
| Interest payable | 15,340 | 15,340 | 15,044 | 100%charitable | activities |
| 22,723 | 22,723 | 21,475 |
| The average |
monthly number of pers |
ons employe |
d by the Charity during |
the year was: | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Number | Number | ||||
| Clerk | |||||
| Administration | Assistant | ||||
| Property Services Manager | |||||
| Finance Officer | |||||
| Residents' Support Worker |
|||||
| Housekeeper | |||||
| Employment | costs | 2023 | 2022 | ||
| F | F | ||||
| Wages and salaries | 172,958 | 156,561 | |||
| Social security | costs | 12,284 | 10,040 | ||
| Other pension | costs | 13,611 | 12,415 | ||
| 198,853 | 179,016 | ||||
| Remuneration | of key management | personnel | |||
| The remuneration of key management |
personnel | is as follows: | |||
| 2023 | 2022 | ||||
| 6 | E | ||||
| Remuneration | benefits for the Clerk to the Charity | 54,750 | 53,632 |
| 12 | Tangible | fixed assets | ||||
|---|---|---|---|---|---|---|
| Land and | Fixture, | Total | ||||
| buildings | fittings and |
|||||
| equipment | ||||||
| Cost | ||||||
| At 7 April | 2022 | 7,838,336 | 67,149 | 7,905,485 | ||
| Additions | 282,313 | 1,256 | 283,569 | |||
| Disposals | (116,054) | (2,771) | (118,825) | |||
| At 6 April | 2023 | 8,004,595 | 65,634 | 8,070,229 | ||
| Depreciation and impairment |
||||||
| At 7 April | 2022 | 2,383,574 | 57,025 | 2,440,599 | ||
| Depreciation charged |
in the year | 156,141 | 2,835 | 158,976 | ||
| Depreciation on disposals |
(90,634) | (2,523) | (93,157) | |||
| At 6 April | 2023 | 2,449,081 | 57,337 | 2,506,418 | ||
| Carrying | amount | |||||
| At 6 Apnl | 2023 | 5,555,514 | 8,297 | 5,563,811 | ||
| At 6 April | 2022 | 5,454,762 | 10,124 | 5,464,886 |
| Fixed asset investment | s | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| f | f | |||||
| Listed investments | 4,685,451 | 4,910,219 | ||||
| Farmland | 715,000 | 715,000 | ||||
| Cash and cash equivalents: | ||||||
| Investment management |
deposit account | 76,517 | 156,687 | |||
| -COIF deposit account | —Extraordinary | repair | fund | 365,761 | 358,355 | |
| -COIF deposit account | - Cyclical maintenance | fund | 94,448 | 92,535 | ||
| 5,937,177 | 6,232,796 |
| Movements in fixed asset investments |
Movements in fixed asset investments |
||||
|---|---|---|---|---|---|
| Cash | Sharesf | Farmland f |
Total f |
||
| Cost or valuation | |||||
| At 7 April | 2022 | 607,577 | 4,910,219 | 715,000 | 6,232,796 |
| Additions | 655,636 | 655,636 | |||
| Valuation | changes | (70,851) | (295,824) | (366,675) | |
| Disposals | (584,580) | (584,580) | |||
| At 6 April | 2023 | 536,726 | 4,685,451 | 715,000 | 5,937,177 |
| Carrying | amount | ||||
| At 6 April | 2023 | 536,726 | 4,685,451 | 715,000 | 5,937,177 |
| At 6 April | 2022 | 607,577 | 4,910,219 | 715,000 | 6,232,796 |
| 14 | Financial | instruments | instruments | 2023 | 2022 | |
|---|---|---|---|---|---|---|
| 6 | 8 | |||||
| Carrying | amount | offinancial | assets | |||
| Equity instruments | measured | at fair value less impairment | 4,685,451 | 4,910,219 | ||
| 4,685,451 | 4,910,219 | |||||
| Carrying | amount | offinancial | liabilities | |||
| Loans measured | at amortised | cost | 207,988 | 223,113 |
| 15 | Debtors | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Amounts falling due |
within one year: | 8 | F | ||
| Prepayments and accrued income |
35,960 | 28,100 | |||
| 35,960 | 28,100 | ||||
| 16 | Creditors: amounts | falling due within one year | |||
| 2023 | 2022 | ||||
| Notes | 6 | F | |||
| Loans and overdrafts | 18 | 14,792 | 15,220 | ||
| Trade creditors | 15,092 | 23,317 | |||
| Other creditors | 159 | ||||
| Accruals and deferred | income | 125,380 | 61,346 | ||
| 155,423 | 99,883 | ||||
| 17 | Creditors: amounts | falling due after more than one year | |||
| 2023 | 2022 | ||||
| Notes | 8 | F | |||
| Loans and overdrafts | 18 | 193,196 | 207,893 |
| Loans a | nd overdrafts | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| f | ||||
| Long term housing loans |
207,988 | 223,113 | ||
| Payable | within one year | 14,792 | 15,220 | |
| Payable | after one year | 193,196 | 207,893 | |
| Amounts | included above which |
fall due after five years: | ||
| Payable | by instalments | 127,028 | 141,487 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| f | F | ||||
| The future minimum |
operating | lease payments | are as follows: | ||
| Within one year | 18,332 | 15,000 | |||
| Between one and two years | 12,221 | 15,000 | |||
| Between two and five years | 10,000 | ||||
| 30,553 | 40,000 |
| Analysis | of | n | et asse | ts | between | funds | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | Total | |||||||
| funds | funds | funds | funds | ||||||||
| 6 | 6 | ||||||||||
| Fund balances | at 6 April | 2023 | |||||||||
| are represented | by: | ||||||||||
| Tangible | fixed | assets | 8,297 | 5,555,514 | 5,563,811 | ||||||
| Investments | 460,209 | 419,192 | 5,057,776 | 5,937,177 | |||||||
| Current | assets/(liabilities) | 355,489 | 1,154 | (14,792) | 341,851 | ||||||
| Creditors | due | after one | year | (193,196) | (193,196) | ||||||
| 363,786 | 461,363 | 419,192 | 10,405,302 | 11,649,643 | |||||||
| Designated | funds | ||||||||||
| Balance at | Transfers | Balance at | |||||||||
| 7 | April 2022 | 6 April 2023 | |||||||||
| Cyclical | maintenance | fund | 98,328 | (2,726) | 95,602 | ||||||
| Extraordinary | repairs | fund | 358,355 | 7,406 | 365,761 | ||||||
| 456,683 | 4,680 | 461,363 | |||||||||
| Endowment | funds | ||||||||||
| Depreciation | and | ||||||||||
| loss | on disposal | Revaluations | |||||||||
| Balance at | of land | and | gains and | Balance at | |||||||
| 7 April 2022 | buildings | Transfers | losses | 6 April 2023 | |||||||
| F | F | ||||||||||
| Permanent | endowment | fund | 10,586,186 | (181,561) | 297,367 | (296,690) | 10,405,302 |
| Page | |||
|---|---|---|---|
| Governors' Report |
|||
| 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 |
23 | ||
| Statement offinancial activities |
26 | ||
| Balance sheet | 27 | ||
| Statement ofcash flows |
28 | ||
| Notes to the statement ofcash flows |
29 | ||
| Notes to the accounts | 30 |
| Progress since the commencement of the project is as follows, |
Progress since the commencement of the project is as follows, |
Progress since the commencement of the project is as follows, |
with the total number | of completions | to |
|---|---|---|---|---|---|
| the improved specification |
as at the end ofeach financial year | being: | |||
| 2022/23 | 8 refurbishments | completed | |||
| 2021/22 | 20 refurbishments | completed | |||
| 2020/21 | 16refurbishments | completed | |||
| 2019/20 | 12 refurbishments | completed | |||
| 2018/19 | 8 refurbishments | completed | |||
| 2017/18 | 4 refurbishments | completed |
| Metrics specified by the regulator |
Outcome | Outcome | |||
|---|---|---|---|---|---|
| 2022/23 | 2021/22 | ||||
| Metric 1: | Reinvestment % |
3.5% | 2.3% | ||
| Metric 2a: | New Supply (Social Housing Units) % |
NIL | 1.0% | ||
| Metric 2b: | New Supply (Non-Social Housing |
Units) | % | NIL | NIL |
| Metric 3: | Gearing % | (3.16%) | (3.28%) | ||
| Metric 4: | EBITDA (Major Repairs Included) | 1,719% | 1,746% | ||
| Interest Cover % | |||||
| Metric 5: | Headline Social Housing Cost per Unit |
67,619 | 66,596 | ||
| Metric 6A: | Operating Margin (social housing |
lettings | only) | (9.5%) | (1.4%) |
| Metric6B: | Operating Margin (overall) % |
10.2% | 13.3% | ||
| Metric 7: | Return on Capital Employed % |
0.5% | 0.8% |
| the total f | unds held |
by | the Charity were s | ome 611.65 mil | lion, |
|---|---|---|---|---|---|
| 6 | million | ||||
| Endowment | funds | 10.40 | |||
| Restricted | funds | 0.42 | |||
| Unrestricted | designated | funds | 0.50 | ||
| Unrestricted | general | funds | 0.33 | ||
| 11.65 |
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 OKEHAM Respon5ibilitie$ gf Governors As explained more fully in the Govemors, responsibilities statemént set OLrt on page 21, the Gov8rnor8 are responsble for the preparation of financial statements which give a true and fair view, and lor such inlemal control as the Govemors deLermine is necèssary to 8nable the preparation of financial staletnents Ihat are free from material misststement, whether due to fraud Qr orror. In preparing the ffinanGial statemenls. the Govemors are responsible for assessing the Charitys ability to continue as goSng concgm, disclosing, as applicable, matters related lo going GOnM and using ihe going conoem basis of accounling unless the Govèmors èither intend to liquidate tho Charity or ID cease opèrations, or have no realistic allemative but to do so. Au(litor's responsibilities forth¢ audlt of the flnancial staiement8 Wè have been appoinlgd as auditor under seclion 144 of the Charitiès Act 2011 and report in accordance with regulations made under sgclion 154 of thal Act. Our objèctives are to obtain raasonable assurance aboul whethcrthe financial stat6mentS as a whole are free from material misstatement, whether due to fraud DI eiior, and to issue an audittsr's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantèé that Èn audit ctsnducted in accordance with ISAS IUKI wlll always detect a material misstatefflènt wh6n it exists. Misslatemenls can arise frotn fraud or effor and are considered material if. Individually or in thè aggrate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thest finan¢ial statements. Irregularities, including fraud. are instances of non-complian th1¥w$ and regulaNons. We design procedures In Ilne with our responsibilities, outlined abova, to datect material misstatemerits in respect of itregularities, including fraud. The extenl lo which our proGedures are capable ol detecting irrègulariti'2s. including fraud is detailed below.. In addrèssing the risk of fraud through fflanagemenl override of controls, testing thé appropria16ness of journal entri8S and other adjustments., Assessing whether Ihe judgements made in accounting estimates are indicative of a potential bias., Evaluating Ihe ralionale of any significant transactions that are unusual or outside the normal eour8L4 of bu8ine8S,' Analytical proCedUS are performed as well db substantive testing lo identbfy any potsnlial misstatement duè to fraud," and Th¢ audit pr(Kedures would also involve baing awar8 of any such items froTll reviewn9 minutes and third party Gommunications and reports and discussions held with staff and management lo oblain an understandi. Because of the inherenl limitations of an audit, there is a iisk thal we will ncTrt dete¢l 311 irregularitias, InclLJding thosè léadi to s rnatérial misstatement in the financial staternenls or non-compliance with regulafion. This risk increases tho mote thal ¢omplian¢e with a law or regulation is removod fmm the events and trans8clions reflected in the financial stslemenls, as we will be less likely to become awarè ol instances of non-complianco. The risk is also greater regarding iiregularities 0ung due to fraud rather than arror, as fraud involves intentional concealment, forry. collusion, omission or misr8pras8ntation. A furthEf description of our responsibilitias for the audit of the financial statements 15 located on the Financial RepOrt1J ounGil's website at.. https.'Ilww.frC.org.uklOur-WorAudlvAVdIt-and-as$uaCelstOndards-andiuIdan¢è/standards- and4uIdan-fOr-audit0r5lAud1tors-re5pon5ibilities-fOr-audIuDeS¢rlpOnf-èudlto1S-rÈSponSibIll1ies•for-aUdit.aspX.Th•S description fomis part of our auditot's report. -24-
| Unrestricted | Restricted | Permanent | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | endowment | 2023 | 2022 | |||
| funds | |||||||
| Notes | 8 | 8 | |||||
| Income and endowments | from: | ||||||
| Charitable activities |
716,922 | 716,922 | 670,305 | ||||
| Investments | 150,781 | 150,781 | 121,463 | ||||
| Other income | 3,792 | 3,792 | 9,956 | ||||
| Donations and legacies |
305 | 305 | 379 | ||||
| Total income and endowments | 871,800 | 871,800 | 802,103 | ||||
| ~E«dit | |||||||
| Charitable activities |
7 | 603,155 | 181,561 | 784,716 | 679,359 | ||
| Investment management |
costs | 8 | 23,710 | 23,710 | 24,959 | ||
| Total resources expended | 626,865 | 181,561 | 808,426 | 704,318 | |||
| Net incoming/(outgoing) | resources | 244,935 | (181,561) | 63,374 | 97,785 | ||
| before transfers and gains/(losses) |
|||||||
| on investments | |||||||
| Net gains/(losses) on |
|||||||
| investments | (15,024) | (296,690) | (311,714) | 232,407 | |||
| Net incoming/(outgoing) | 244,935 | (15,024) | (478,251) | (248,340) | 330,192 | ||
| resources before transfers | |||||||
| Gross transfers between |
funds | (297,969) | 602 | 297,367 | |||
| Net movement in funds |
(53,034) | (14,422) | (180,884) | (248,340) | 330,192 | ||
| Fund balances at 7 April 2022 | 878,183 | 433,614 | 10,586,186 | 11,897,983 | 11,567,791 | ||
| Fund balances at 6 April | 2023 | 825,149 | 419,192 | 10,405,302 | 11,649,643 | 11,897,983 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | 8 | ||||||
| Fixed assets | |||||||
| Tangible assets | 12 | 5,563,811 | 5,464,886 | ||||
| investments | 13 | 5,937,177 | 6,232,796 | ||||
| 11,500,988 | 11,697,682 | ||||||
| Current assets | |||||||
| Debtors | 15 | 35,960 | 28,100 | ||||
| Cash at bank and | in | hand | 461,314 | 479,977 | |||
| 497,274 | 508,077 | ||||||
| Creditors: | amounts | falling | due within | ||||
| one year | 18 | (155,423) | (99,883) | ||||
| Net current | assets | 341,851 | 408,194 | ||||
| Total assets less | current | liabilities | 11,842,839 | 12,105,876 | |||
| Creditors: | amounts | falling | due after | ||||
| more than | one year | 17 | (193,196) | (207,893) | |||
| Net assets | 11,649,643 | 11,897,983 | |||||
| Capital funds | |||||||
| Unrestricted | funds | —general | 363,786 | 421,500 | |||
| Unrestricted | funds | —designated | 21 | 461,363 | 456,683 | ||
| Total unrestricted | funds | 825,149 | 878,183 | ||||
| Endowment | funds | 22 | 10,405,302 | 10,586,186 | |||
| Including revaluation |
reserve ofE1,822,141(2022: E2,102,941) | ||||||
| Restricted | funds | 23 | 419,192 | 433,614 | |||
| Including revaiuation |
reserve ofE306,300 | (2022:f321,324) | |||||
| 11,649,643 | 11,897,983 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | F | 6 | |||||
| Cash flow from operating | activities | 184,395 | 197,241 | ||||
| Cash flow from investing | activities | ||||||
| Purchase oftangible fixed assets |
(283,569) | (184,458) | |||||
| Investment purchases and |
disposals | (86,946) | 82,067 | ||||
| Interest income | 15,698 | 577 | |||||
| Investment income (nei of investment |
|||||||
| management costs) |
111,373 | 95,927 | |||||
| Net cash flow from investing | activities | (243,444) | (5,887) | ||||
| Cash flow from financing | activities | ||||||
| Repayment of bank loans |
(15,125) | (14,757) | |||||
| Drawdown of loan |
|||||||
| Interest paid | (15,340) | (15,044) | |||||
| Net cash flow from financing | activities | (30,465) | (29,801) | ||||
| Net increase in cash and cash equivalents |
(89,514) | 161,553 | |||||
| Cash and cash equivalents | at | beginning | ofyear | 1,087,554 | 926,001 | ||
| Cash and cash equivalents | at end ofyear | 998,040 | 1,087,554 | ||||
| Cash and cash equivalents | consists of: | ||||||
| Bank balances and short term |
deposits | 461,314 | 479,977 | ||||
| Investment cash balances |
536,726 | 607,577 | |||||
| Cash and cash equivalents | at end ofyear | 998,040 | 1,087,554 |
| Notes | 2023f | 2022 6 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Note (i) —Reconciliation | of net | income/(expenditure) | to | |||||||||
| net cash flow from operating | activities | |||||||||||
| Net incoming/(outgoing) | resources | 63,374 | 97,785 | |||||||||
| Adjustments for: |
||||||||||||
| Investment income recognised |
in | statement | offinancial | |||||||||
| activities | (135,083) | (120,886) | ||||||||||
| Investment management |
costs | 23,710 | 24,959 | |||||||||
| Depreciation and loss on |
disposal | oftangible | fixed assets | 184,644 | 164,233 | |||||||
| Interest payable | 15,340 | 15,044 | ||||||||||
| Interest received | (15,698) | (577) | ||||||||||
| Decrease/(Increase) | in debtors | (7,860) | 25,776 | |||||||||
| (Decrease)/Increase | in creditors | 55,968 | (9,093) | |||||||||
| Net cash flow from | operating | activities | 184,395 | 197,241 | ||||||||
| Note (ii) - Investment | purchases | and disposals | ||||||||||
| Purchase ofother investments |
(655,636) | (278,794) | ||||||||||
| Proceeds on disposal | ofother | investments | 568,690 | 360,861 | ||||||||
| (86,946) | 82,067 | |||||||||||
| Note (iii) - Depreciation | and | impairment | oftangible | fixed | ||||||||
| assets | ||||||||||||
| Depreciation and impairment |
oftangible | fixed assets | 158,976 | 155,327 | ||||||||
| Loss on disposal oftangible fixed |
assets | 25,668 | 8,906 | |||||||||
| 184,644 | 164,233 | |||||||||||
| Analysis ofchanges | in | net debt | ||||||||||
| Balance at | Other | Balance at | ||||||||||
| 7 | April 2022 | Cash flows | non-cash | 6 April 2023 | ||||||||
| movements | ||||||||||||
| F | ||||||||||||
| Cash | 479,977 | (18,663) | 461,314 | |||||||||
| Loans due within one year | (15,220) | 428 | (14,792) | |||||||||
| Loans due after one | year | (207,893) | 14,697 | (193,196) | ||||||||
| 256,864 | (3,538) | 253,326 |
| 2023 | 2022 | |
|---|---|---|
| Common room lets |
1,514 | 300 |
| Sundry site receipts | 2,278 | 1,368 |
| Grant received —COVID-19 | 788 | |
| Performance related grant |
7,500 | |
| 3,792 | 9,956 | |
| Analysis by fund |
||
| Unrestricted funds |
3,792 | 2,456 |
| Restricted funds | 7,500 | |
| 3,792 | 9,956 |
| 2023 | 2022 |
|---|---|
| 305 | 379 |
| Provision of | Almshouses | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Staff costs | 198,853 | 179,016 | ||
| Depreciation and |
loss on disposal offixed assets | 184,644 | 164,233 | |
| Day to day maintenance | 66,547 | 74,464 | ||
| Cyclical maintenance | 115,099 | 67,042 | ||
| Utilities | 30,867 | 31,447 | ||
| Window cleaning |
and materials | 2,610 | 1,692 | |
| Support worker expenses | 662 | 605 | ||
| Alertacall | 18,373 | 16,380 | ||
| Charitable benefit |
57,188 | 31,939 | ||
| Landscaping | 24,674 | 26,651 | ||
| Buildings and contents |
insurance | 8,361 | 7,968 | |
| Management | 51,643 | 41,885 | ||
| Door entry system | 2,472 | 11,181 | ||
| Void properties | 3,381 | |||
| 761,993 | 657,884 | |||
| Governance costs (see |
note 9) | 22,723 | 21,475 | |
| 784,716 | 679,359 | |||
| Analysis by fund |
||||
| Unrestricted funds |
603,155 | 517,950 | ||
| Endowment funds |
~181 561 | 1~61 409 | ||
| 784,716 | 679,359 |
| Investment | management costs |
||
|---|---|---|---|
| 2023 | 2022 | ||
| Investment | management | 23,710 | 24,959 |
| 23,710 | 24,959 |
| Support costs | |||||
|---|---|---|---|---|---|
| Governance | 2023 | 2022 | Basis ofallocation | ||
| costs | |||||
| 6 | F | ||||
| Audit fees | 7,383 | 7,383 | 6,431 | 100'/o charitable | activities |
| Interest payable | 15,340 | 15,340 | 15,044 | 100'/0 charitable | activities |
| 22,723 | 22,723 | 21,475 |
| The average |
monthly number of pers |
ons employe |
d by the Charity during |
the year was: | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Number | Number | ||||
| Clerk | |||||
| Administration | Assistant | ||||
| Property Services Manager | |||||
| Finance Officer | |||||
| Residents' Support Worker |
|||||
| Housekeeper | |||||
| Employment | costs | 2023 | 2022 | ||
| F | F | ||||
| Wages and salaries | 172,958 | 156,561 | |||
| Social security | costs | 12,284 | 10,040 | ||
| Other pension | costs | 13,611 | 12,415 | ||
| 198,853 | 179,016 | ||||
| Remuneration | of key management | personnel | |||
| The remuneration of key management |
personnel | is as follows: | |||
| 2023 | 2022 | ||||
| 6 | E | ||||
| Remuneration | benefits for the Clerk to the Charity | 54,750 | 53,632 |
| 12 | Tangible | fixed assets | ||||
|---|---|---|---|---|---|---|
| Land and | Fixture, | Total | ||||
| buildings | fittings and |
|||||
| equipment | ||||||
| Cost | ||||||
| At 7 April | 2022 | 7,838,336 | 67,149 | 7,905,485 | ||
| Additions | 282,313 | 1,256 | 283,569 | |||
| Disposals | (116,054) | (2,771) | (118,825) | |||
| At 6 April | 2023 | 8,004,595 | 65,634 | 8,070,229 | ||
| Depreciation and impairment |
||||||
| At 7 April | 2022 | 2,383,574 | 57,025 | 2,440,599 | ||
| Depreciation charged |
in the year | 156,141 | 2,835 | 158,976 | ||
| Depreciation on disposals |
(90,634) | (2,523) | (93,157) | |||
| At 6 April | 2023 | 2,449,081 | 57,337 | 2,506,418 | ||
| Carrying | amount | |||||
| At 6 Apnl | 2023 | 5,555,514 | 8,297 | 5,563,811 | ||
| At 6 April | 2022 | 5,454,762 | 10,124 | 5,464,886 |
| Fixed asset investment | s | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| f | f | |||||
| Listed investments | 4,685,451 | 4,910,219 | ||||
| Farmland | 715,000 | 715,000 | ||||
| Cash and cash equivalents: | ||||||
| Investment management |
deposit account | 76,517 | 156,687 | |||
| -COIF deposit account | —Extraordinary | repair | fund | 365,761 | 358,355 | |
| -COIF deposit account | - Cyclical maintenance | fund | 94,448 | 92,535 | ||
| 5,937,177 | 6,232,796 |
| Movements in fixed asset investments |
Movements in fixed asset investments |
||||
|---|---|---|---|---|---|
| Cash | Sharesf | Farmland f |
Total f |
||
| Cost or valuation | |||||
| At 7 April | 2022 | 607,577 | 4,910,219 | 715,000 | 6,232,796 |
| Additions | 655,636 | 655,636 | |||
| Valuation | changes | (70,851) | (295,824) | (366,675) | |
| Disposals | (584,580) | (584,580) | |||
| At 6 April | 2023 | 536,726 | 4,685,451 | 715,000 | 5,937,177 |
| Carrying | amount | ||||
| At 6 April | 2023 | 536,726 | 4,685,451 | 715,000 | 5,937,177 |
| At 6 April | 2022 | 607,577 | 4,910,219 | 715,000 | 6,232,796 |
| 14 | Financial | instruments | instruments | 2023 | 2022 | |
|---|---|---|---|---|---|---|
| 6 | 8 | |||||
| Carrying | amount | offinancial | assets | |||
| Equity instruments | measured | at fair value less impairment | 4,685,451 | 4,910,219 | ||
| 4,685,451 | 4,910,219 | |||||
| Carrying | amount | offinancial | liabilities | |||
| Loans measured | at amortised | cost | 207,988 | 223,113 |
| 15 | Debtors | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Amounts falling due |
within one year: | 8 | F | ||
| Prepayments and accrued income |
35,960 | 28,100 | |||
| 35,960 | 28,100 | ||||
| 16 | Creditors: amounts | falling due within one year | |||
| 2023 | 2022 | ||||
| Notes | 6 | F | |||
| Loans and overdrafts | 18 | 14,792 | 15,220 | ||
| Trade creditors | 15,092 | 23,317 | |||
| Other creditors | 159 | ||||
| Accruals and deferred | income | 125,380 | 61,346 | ||
| 155,423 | 99,883 | ||||
| 17 | Creditors: amounts | falling due after more than one year | |||
| 2023 | 2022 | ||||
| Notes | 8 | F | |||
| Loans and overdrafts | 18 | 193,196 | 207,893 |
| Loans a | nd overdrafts | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| f | ||||
| Long term housing loans |
207,988 | 223,113 | ||
| Payable | within one year | 14,792 | 15,220 | |
| Payable | after one year | 193,196 | 207,893 | |
| Amounts | included above which |
fall due after five years: | ||
| Payable | by instalments | 127,028 | 141,487 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| f | F | ||||
| The future minimum |
operating | lease payments | are as follows: | ||
| Within one year | 18,332 | 15,000 | |||
| Between one and two years | 12,221 | 15,000 | |||
| Between two and five years | 10,000 | ||||
| 30,553 | 40,000 |
| Analysis | of | n | et asse | ts | between | funds | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | Total | |||||||
| funds | funds | funds | funds | ||||||||
| 6 | 6 | ||||||||||
| Fund balances | at 6 April | 2023 | |||||||||
| are represented | by: | ||||||||||
| Tangible | fixed | assets | 8,297 | 5,555,514 | 5,563,811 | ||||||
| Investments | 460,209 | 419,192 | 5,057,776 | 5,937,177 | |||||||
| Current | assets/(liabilities) | 355,489 | 1,154 | (14,792) | 341,851 | ||||||
| Creditors | due | after one | year | (193,196) | (193,196) | ||||||
| 363,786 | 461,363 | 419,192 | 10,405,302 | 11,649,643 | |||||||
| Designated | funds | ||||||||||
| Balance at | Transfers | Balance at | |||||||||
| 7 | April 2022 | 6 April 2023 | |||||||||
| Cyclical | maintenance | fund | 98,328 | (2,726) | 95,602 | ||||||
| Extraordinary | repairs | fund | 358,355 | 7,406 | 365,761 | ||||||
| 456,683 | 4,680 | 461,363 | |||||||||
| Endowment | funds | ||||||||||
| Depreciation | and | ||||||||||
| loss | on disposal | Revaluations | |||||||||
| Balance at | of land | and | gains and | Balance at | |||||||
| 7 April 2022 | buildings | Transfers | losses | 6 April 2023 | |||||||
| F | F | ||||||||||
| Permanent | endowment | fund | 10,586,186 | (181,561) | 297,367 | (296,690) | 10,405,302 |
| tatement of F | inanc | ial Activities | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| F | E | ||||
| Incoming | 871,800 | 802,103 | ' Income has increased overall this year. Rental |
||
| resources | income has increased in line with the uplift in weekly |
||||
| maintenance charges and a reduction in voids |
|||||
| between lets. There has also been an increase |
in | ||||
| bank interest received due to the increase in interest |
|||||
| rates on cash investments and bank balances. |
|||||
| Resources | (808,426) | (704,318) | r Expenditure has increased by 6104k compared |
to | |
| expended | last year. | ||||
| This is due to increased costs for Cyclical | |||||
| maintenance in the year for'such items as |
|||||
| replacement soffits and facias at,Brooke Road, |
and | ||||
| flooring at St Anne's Close and Taylor House. | |||||
| There has been a larger increase in salary payments |
|||||
| this year. Hardship winter payments were also paid |
|||||
| atf100 per resident to assist with the cost of living |
|||||
| crisis. Recruitment fees have also been incurred |
to | ||||
| appoint a new Clerk after the resignation of Paul |
|||||
| Martin in February 2023. |
|||||
| Net | (311,714) | 232,407 | After investment valuation recovered after the Covid- |
||
| gains/(losses) | 19pandemic, this year has seen investments hit |
||||
| on investments | again after the start ofthe war in Ukraine | ||||
| Net movement | in | (248,340) | 330,192 | The main variation in net movement in funds from |
|
| funds | last year is due to the value ofshares held by the |
||||
| charity in its share porffolio. |
| alance Sheet | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| F | ||||
| Tangible Fixed | 5,563,811 | 5,464,886 | The usual replacement of boilers, kitchens and |
|
| Assets | bathrooms at various properties were incurred |
in the | ||
| year. In addition to this, fire doors were also | ||||
| replaced following a report by M Fire Ltd at William |
||||
| Dolby House. | ||||
| Investments | 5,937,177 | 6,232,796 | ' Investment valuations have fallen after the start of |
|
| the war in Ukraine. | ||||
| Current Assets | 497,274 | 508,077 | Current assets comprise debtors and cash. | |
| Balances have remained fairly consistent with |
||||
| increased costs covered by current year income. |
||||
| Creditors: | (155,423) | (99,883) | ' Current creditors have increased this year due |
to |
| amounts | increased accruals for costs incurred on |
|||
| falling due | refurbishment of both 21 StAnnes Close and 10 |
|||
| within one year | ' Bonner House over the year end. Works haft been | |||
| performed prior to the year end, however invoices |
||||
| were not raised by NCHA until May 2023 when |
the | |||
| works were complete. | ||||
| Creditors: | (193,196) | (207,893) | Long term liabilities relate to the loans in place |
for |
| amounts | the purchase of the properties. There have been no |
|||
| falling due | new loans drawn down in the current year. |
|||
| after more than | ||||
| one year | ||||
| Funds | 11,649,643 | 11,897,983 |