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||||Page|
|---|---|---|---|
|Governors'<br>Report||||
|Introductory<br>sentences||||
|Reference and administrative||details||
|Objectives and public benefit||||
|Governance<br>and organisation||||
|Principal<br>activity||||
|Achievements<br>and future|plans|||
|Financial<br>review|||18|
|Statement of Governors'|responsibilities||21|
|Independent<br>auditor's<br>report|||23|
|Statement<br>offinancial<br>activities|||26|
|Balance sheet|||27|
|Statement<br>ofcash flows|||28|
|Notes to the statement<br>ofcash flows|||29|
|Notes to the accounts|||30|





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|Progress since the commencement<br>of the project is as follows,|Progress since the commencement<br>of the project is as follows,|Progress since the commencement<br>of the project is as follows,|with the total number|of completions|to|
|---|---|---|---|---|---|
|the improved<br>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||||





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||Metrics specified<br>by the regulator|||Outcome|Outcome|
|---|---|---|---|---|---|
|||||2022/23|2021/22|
|Metric 1:|Reinvestment<br>%|||3.5%|2.3%|
|Metric 2a:|New Supply (Social Housing<br>Units) %|||NIL|1.0%|
|Metric 2b:|New Supply (Non-Social<br>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<br>Social Housing<br>Cost per Unit|||67,619|66,596|
|Metric 6A:|Operating<br>Margin (social housing|lettings|only)|(9.5%)|(1.4%)|
|Metric6B:|Operating<br>Margin<br>(overall) %|||10.2%|13.3%|
|Metric 7:|Return<br>on Capital<br>Employed<br>%|||0.5%|0.8%|



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|the total f|unds<br>held|by|the Charity were s|ome 611.65 mil|lion,<br>|
|---|---|---|---|---|---|
|||||6|million|
|Endowment|funds||||10.40|
|Restricted|funds||||0.42|
|Unrestricted|designated||funds||0.50|
|Unrestricted|general|funds|||0.33|
||||||11.65|





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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 GOn￿M 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 aggr￿ate, 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 proCedU￿S 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
0￿u￿ng due to fraud rather than arror, as fraud involves intentional concealment, for￿ry. collusion, omission or
misr8pras8ntation.
A furthEf description of our responsibilitias for the audit of the financial statements 15 located on the Financial RepOrt1￿J
ounGil's website at.. https.'Ilww.frC.org.uklOur-Wor￿AudlvAVdIt-and-as$u￿a￿CelstOndards-andiuIdan¢è/standards-
and4uIdan￿-fOr-audit0r5lAud1tors-re5pon5ibilities-fOr-audIuDeS¢rlp￿On￿f-èudlto1S-rÈSponSibIll1ies•for-aUdit.aspX.Th•S
description fomis part of our auditot's report.
-24-

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||||Unrestricted|Restricted|Permanent|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|endowment|2023|2022|
||||||funds|||
|||Notes||8|8|||
|Income and endowments|from:|||||||
|Charitable<br>activities|||716,922|||716,922|670,305|
|Investments|||150,781|||150,781|121,463|
|Other income|||3,792|||3,792|9,956|
|Donations<br>and legacies|||305|||305|379|
|Total income and endowments|||871,800|||871,800|802,103|
|~E«dit||||||||
|Charitable<br>activities||7|603,155||181,561|784,716|679,359|
|Investment<br>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<br>and gains/(losses)||||||||
|on investments||||||||
|Net gains/(losses)<br>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<br>between|funds||(297,969)|602|297,367|||
|Net movement<br>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|





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|||||||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<br>revaluation|||reserve ofE1,822,141(2022: E2,102,941)|||||
|Restricted|funds||||23|419,192|433,614|
|Including<br>revaiuation|||reserve ofE306,300||(2022:f321,324)|||
|||||||11,649,643|11,897,983|





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|||||2023||2022||
|---|---|---|---|---|---|---|---|
||||Notes|F||6||
|Cash flow from operating|activities||||184,395||197,241|
|Cash flow from investing|activities|||||||
|Purchase oftangible<br>fixed assets||||(283,569)||(184,458)||
|Investment<br>purchases<br>and|disposals|||(86,946)||82,067||
|Interest income||||15,698||577||
|Investment<br>income (nei of investment||||||||
|management<br>costs)||||111,373||95,927||
|Net cash flow from investing||activities|||(243,444)||(5,887)|
|Cash flow from financing|activities|||||||
|Repayment<br>of bank loans||||(15,125)||(14,757)||
|Drawdown<br>of loan||||||||
|Interest paid||||(15,340)||(15,044)||
|Net cash flow from financing||activities|||(30,465)||(29,801)|
|Net increase<br>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<br>and short term||deposits|||461,314||479,977|
|Investment<br>cash balances|||||536,726||607,577|
|Cash and cash equivalents||at end ofyear|||998,040||1,087,554|





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||||||||||Notes|2023f||2022<br>6|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Note (i) —Reconciliation||of net|||income/(expenditure)|||to|||||
|net cash flow from operating||||activities|||||||||
|Net incoming/(outgoing)||resources||||||||63,374||97,785|
|Adjustments<br>for:|||||||||||||
|Investment<br>income recognised||||in|statement||offinancial||||||
|activities||||||||||(135,083)||(120,886)|
|Investment<br>management||costs||||||||23,710||24,959|
|Depreciation<br>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<br>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<br>and impairment|||oftangible|||fixed assets||||158,976||155,327|
|Loss on disposal oftangible<br>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|





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||2023|2022|
|---|---|---|
|Common<br>room lets|1,514|300|
|Sundry site receipts|2,278|1,368|
|Grant received —COVID-19||788|
|Performance<br>related grant||7,500|
||3,792|9,956|
|Analysis<br>by fund|||
|Unrestricted<br>funds|3,792|2,456|
|Restricted funds||7,500|
||3,792|9,956|



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|2023|2022|
|---|---|
|305|379|





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||||Provision of|Almshouses|
|---|---|---|---|---|
||||2023|2022|
|Staff costs|||198,853|179,016|
|Depreciation<br>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<br>cleaning|and materials||2,610|1,692|
|Support worker expenses|||662|605|
|Alertacall|||18,373|16,380|
|Charitable<br>benefit|||57,188|31,939|
|Landscaping|||24,674|26,651|
|Buildings<br>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<br>costs (see||note 9)|22,723|21,475|
||||784,716|679,359|
|Analysis<br>by fund|||||
|Unrestricted<br>funds|||603,155|517,950|
|Endowment<br>funds|||~181 561|1~61 409|
||||784,716|679,359|



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|Investment|management<br>costs|||
|---|---|---|---|
|||2023|2022|
|Investment|management|23,710|24,959|
|||23,710|24,959|





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|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|||



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|The average<br>|monthly<br>number<br>of pers|ons<br>employe|d<br>by the Charity<br>during|the year was:||
|---|---|---|---|---|---|
|||||2023|2022|
|||||Number|Number|
|Clerk||||||
|Administration|Assistant|||||
|Property Services Manager||||||
|Finance Officer||||||
|Residents'<br>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<br>of key management||personnel|is as follows:|||
|||||2023|2022|
|||||6|E|
|Remuneration|benefits for the Clerk to the Charity|||54,750|53,632|





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|12|Tangible|fixed assets|||||
|---|---|---|---|---|---|---|
|||||Land and|Fixture,|Total|
|||||buildings|fittings<br>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<br>and impairment||||||
||At 7 April|2022||2,383,574|57,025|2,440,599|
||Depreciation<br>charged||in the year|156,141|2,835|158,976|
||Depreciation<br>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|





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|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<br>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<br>in fixed asset investments|Movements<br>in fixed asset investments|||||
|---|---|---|---|---|---|
|||Cash|Sharesf|Farmland<br>f|Total<br>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|





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|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<br>falling due|within one year:||8|F|
||Prepayments<br>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|





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|Loans a|nd overdrafts||||
|---|---|---|---|---|
||||2023|2022|
||||f||
|Long term housing<br>loans|||207,988|223,113|
|Payable|within one year||14,792|15,220|
|Payable|after one year||193,196|207,893|
|Amounts|included<br>above which|fall due after five years:|||
|Payable|by instalments||127,028|141,487|



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|||||2023|2022|
|---|---|---|---|---|---|
|||||f|F|
|The future<br>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|





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|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|



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||||Page|
|---|---|---|---|
|Governors'<br>Report||||
|Introductory<br>sentences||||
|Reference and administrative||details||
|Objectives and public benefit||||
|Governance<br>and organisation||||
|Principal<br>activity||||
|Achievements<br>and future|plans|||
|Financial<br>review|||18|
|Statement of Governors'|responsibilities||21|
|Independent<br>auditor's<br>report|||23|
|Statement<br>offinancial<br>activities|||26|
|Balance sheet|||27|
|Statement<br>ofcash flows|||28|
|Notes to the statement<br>ofcash flows|||29|
|Notes to the accounts|||30|





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|Progress since the commencement<br>of the project is as follows,|Progress since the commencement<br>of the project is as follows,|Progress since the commencement<br>of the project is as follows,|with the total number|of completions|to|
|---|---|---|---|---|---|
|the improved<br>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||||





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||Metrics specified<br>by the regulator|||Outcome|Outcome|
|---|---|---|---|---|---|
|||||2022/23|2021/22|
|Metric 1:|Reinvestment<br>%|||3.5%|2.3%|
|Metric 2a:|New Supply (Social Housing<br>Units) %|||NIL|1.0%|
|Metric 2b:|New Supply (Non-Social<br>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<br>Social Housing<br>Cost per Unit|||67,619|66,596|
|Metric 6A:|Operating<br>Margin (social housing|lettings|only)|(9.5%)|(1.4%)|
|Metric6B:|Operating<br>Margin<br>(overall) %|||10.2%|13.3%|
|Metric 7:|Return<br>on Capital<br>Employed<br>%|||0.5%|0.8%|



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|the total f|unds<br>held|by|the Charity were s|ome 611.65 mil|lion,<br>|
|---|---|---|---|---|---|
|||||6|million|
|Endowment|funds||||10.40|
|Restricted|funds||||0.42|
|Unrestricted|designated||funds||0.50|
|Unrestricted|general|funds|||0.33|
||||||11.65|





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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 GOn￿M 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 aggr￿ate, 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 proCedU￿S 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
0￿u￿ng due to fraud rather than arror, as fraud involves intentional concealment, for￿ry. collusion, omission or
misr8pras8ntation.
A furthEf description of our responsibilitias for the audit of the financial statements 15 located on the Financial RepOrt1￿J
ounGil's website at.. https.'Ilww.frC.org.uklOur-Wor￿AudlvAVdIt-and-as$u￿a￿CelstOndards-andiuIdan¢è/standards-
and4uIdan￿-fOr-audit0r5lAud1tors-re5pon5ibilities-fOr-audIuDeS¢rlp￿On￿f-èudlto1S-rÈSponSibIll1ies•for-aUdit.aspX.Th•S
description fomis part of our auditot's report.
-24-

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## 

||||Unrestricted|Restricted|Permanent|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|endowment|2023|2022|
||||||funds|||
|||Notes||8|8|||
|Income and endowments|from:|||||||
|Charitable<br>activities|||716,922|||716,922|670,305|
|Investments|||150,781|||150,781|121,463|
|Other income|||3,792|||3,792|9,956|
|Donations<br>and legacies|||305|||305|379|
|Total income and endowments|||871,800|||871,800|802,103|
|~E«dit||||||||
|Charitable<br>activities||7|603,155||181,561|784,716|679,359|
|Investment<br>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<br>and gains/(losses)||||||||
|on investments||||||||
|Net gains/(losses)<br>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<br>between|funds||(297,969)|602|297,367|||
|Net movement<br>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|





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|||||||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<br>revaluation|||reserve ofE1,822,141(2022: E2,102,941)|||||
|Restricted|funds||||23|419,192|433,614|
|Including<br>revaiuation|||reserve ofE306,300||(2022:f321,324)|||
|||||||11,649,643|11,897,983|





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|||||2023||2022||
|---|---|---|---|---|---|---|---|
||||Notes|F||6||
|Cash flow from operating|activities||||184,395||197,241|
|Cash flow from investing|activities|||||||
|Purchase oftangible<br>fixed assets||||(283,569)||(184,458)||
|Investment<br>purchases<br>and|disposals|||(86,946)||82,067||
|Interest income||||15,698||577||
|Investment<br>income (nei of investment||||||||
|management<br>costs)||||111,373||95,927||
|Net cash flow from investing||activities|||(243,444)||(5,887)|
|Cash flow from financing|activities|||||||
|Repayment<br>of bank loans||||(15,125)||(14,757)||
|Drawdown<br>of loan||||||||
|Interest paid||||(15,340)||(15,044)||
|Net cash flow from financing||activities|||(30,465)||(29,801)|
|Net increase<br>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<br>and short term||deposits|||461,314||479,977|
|Investment<br>cash balances|||||536,726||607,577|
|Cash and cash equivalents||at end ofyear|||998,040||1,087,554|





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## 

||||||||||Notes|2023f||2022<br>6|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Note (i) —Reconciliation||of net|||income/(expenditure)|||to|||||
|net cash flow from operating||||activities|||||||||
|Net incoming/(outgoing)||resources||||||||63,374||97,785|
|Adjustments<br>for:|||||||||||||
|Investment<br>income recognised||||in|statement||offinancial||||||
|activities||||||||||(135,083)||(120,886)|
|Investment<br>management||costs||||||||23,710||24,959|
|Depreciation<br>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<br>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<br>and impairment|||oftangible|||fixed assets||||158,976||155,327|
|Loss on disposal oftangible<br>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|





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||2023|2022|
|---|---|---|
|Common<br>room lets|1,514|300|
|Sundry site receipts|2,278|1,368|
|Grant received —COVID-19||788|
|Performance<br>related grant||7,500|
||3,792|9,956|
|Analysis<br>by fund|||
|Unrestricted<br>funds|3,792|2,456|
|Restricted funds||7,500|
||3,792|9,956|



## 

|2023|2022|
|---|---|
|305|379|





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## 

||||Provision of|Almshouses|
|---|---|---|---|---|
||||2023|2022|
|Staff costs|||198,853|179,016|
|Depreciation<br>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<br>cleaning|and materials||2,610|1,692|
|Support worker expenses|||662|605|
|Alertacall|||18,373|16,380|
|Charitable<br>benefit|||57,188|31,939|
|Landscaping|||24,674|26,651|
|Buildings<br>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<br>costs (see||note 9)|22,723|21,475|
||||784,716|679,359|
|Analysis<br>by fund|||||
|Unrestricted<br>funds|||603,155|517,950|
|Endowment<br>funds|||~181 561|1~61 409|
||||784,716|679,359|



## 

|Investment|management<br>costs|||
|---|---|---|---|
|||2023|2022|
|Investment|management|23,710|24,959|
|||23,710|24,959|





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|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|||



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|The average<br>|monthly<br>number<br>of pers|ons<br>employe|d<br>by the Charity<br>during|the year was:||
|---|---|---|---|---|---|
|||||2023|2022|
|||||Number|Number|
|Clerk||||||
|Administration|Assistant|||||
|Property Services Manager||||||
|Finance Officer||||||
|Residents'<br>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<br>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<br>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<br>and impairment||||||
||At 7 April|2022||2,383,574|57,025|2,440,599|
||Depreciation<br>charged||in the year|156,141|2,835|158,976|
||Depreciation<br>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|





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## 

|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<br>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<br>in fixed asset investments|Movements<br>in fixed asset investments|||||
|---|---|---|---|---|---|
|||Cash|Sharesf|Farmland<br>f|Total<br>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|





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## 

|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<br>falling due|within one year:||8|F|
||Prepayments<br>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|





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## 

|Loans a|nd overdrafts||||
|---|---|---|---|---|
||||2023|2022|
||||f||
|Long term housing<br>loans|||207,988|223,113|
|Payable|within one year||14,792|15,220|
|Payable|after one year||193,196|207,893|
|Amounts|included<br>above which|fall due after five years:|||
|Payable|by instalments||127,028|141,487|



## 

## 

|||||2023|2022|
|---|---|---|---|---|---|
|||||f|F|
|The future<br>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|





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## 

|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|



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## 

|tatement of F|inanc|ial Activities||||
|---|---|---|---|---|---|
|||2023|2022|||
|||F|E|||
|Incoming||871,800|802,103|' Income has increased<br>overall this year. Rental||
|resources||||income has increased<br>in line with the uplift<br>in weekly||
|||||maintenance<br>charges and a reduction<br>in voids||
|||||between<br>lets. There has also been an increase|in|
|||||bank interest received due to the increase<br>in interest||
|||||rates on cash investments<br>and bank balances.||
|Resources||(808,426)|(704,318)|r Expenditure<br>has increased<br>by 6104k compared|to|
|expended||||last year.||
|||||This is due to increased costs for Cyclical||
|||||maintenance<br>in the year for'such<br>items as||
|||||replacement<br>soffits and facias at,Brooke Road,|and|
|||||flooring at St Anne's Close and Taylor House.||
|||||There has been a larger increase<br>in salary payments||
|||||this year. Hardship<br>winter payments<br>were also paid||
|||||atf100 per resident<br>to assist with the cost of living||
|||||crisis. Recruitment<br>fees have also been incurred|to|
|||||appoint a new Clerk after the resignation<br>of Paul||
|||||Martin<br>in February 2023.||
||Net|(311,714)|232,407|After investment<br>valuation<br>recovered<br>after the Covid-||
|gains/(losses)||||19pandemic,<br>this year has seen investments<br>hit||
|on investments||||again after the start ofthe war in Ukraine||
|Net movement|in|(248,340)|330,192|The main variation<br>in net movement<br>in funds from||
|funds||||last year is due to the value ofshares<br>held by the||
|||||charity<br>in its share porffolio.||





## 

|alance Sheet|||||
|---|---|---|---|---|
||2023|2022|||
|||F|||
|Tangible Fixed|5,563,811|5,464,886|The usual replacement<br>of boilers, kitchens<br>and||
|Assets|||bathrooms<br>at various<br>properties<br>were incurred|in the|
||||year. In addition to this, fire doors were also||
||||replaced<br>following a report by M Fire Ltd at William||
||||Dolby House.||
|Investments|5,937,177|6,232,796|' Investment<br>valuations<br>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<br>fairly consistent<br>with||
||||increased costs covered<br>by current year income.||
|Creditors:|(155,423)|(99,883)|' Current creditors have increased<br>this year due|to|
|amounts|||increased accruals for costs incurred<br>on||
|falling due|||refurbishment<br>of both 21 StAnnes Close and 10||
|within one year|||' Bonner House over the year end. Works haft been||
||||performed<br>prior to the year end, however<br>invoices||
||||were not raised<br>by NCHA<br>until<br>May 2023 when|the|
||||works were complete.||
|Creditors:|(193,196)|(207,893)|Long term liabilities<br>relate to the loans<br>in place|for|
|amounts|||the purchase<br>of the properties.<br>There have been no||
|falling due|||new loans drawn<br>down<br>in the current year.||
|after more than|||||
|one year|||||
|Funds|11,649,643|11,897,983|||





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