Charity Registration No. 218931
Registered Social Housing Provider No. A0611
THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM
ANNUAL REPORT AND FINANCIAL STATEMENTS FORTHEYEARENDED31MARCH2025
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **CONTENTS**
||Page|
|---|---|
|Governors' Report||
|Introductory sentences|3|
|Reference and administrative details|3|
|Objectives and public benefit|6|
|Governance and organisation|6|
|Principal activity|8|
|Achievements|10|
|Future plans|14|
|Financial review|16|
|Statement of Governors' responsibilities|19|
|Independent auditor's report|20|
|Statement of financial activities|23|
|Balance sheet|24|
|Statement of cash flows|25|
|Notes to the statement of cash flows|26|
|Notes to the accounts|27|
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **`GOVERNORS'REPORT`**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The Governors present their report and accounts for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing instruments, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Reference and administrative details**
Working title
Charity number
Registered Social Housing Provider No.
## **Principal address**
St John & St Anne
218931
A0611
Mill House South Street Oakham Rutland LE15 SHY
## **Governing instruments**
_**Principal advisors**_ Auditors
## **Bankers**
Royal Charter dated 3 May 1597 as amended 2 July 1976 Supplemental Charter dated 21 January 1998 as amended 27 February 2003 and 9 February 2011
Price Bailey LLP 36 Tyndall Court **Commerce Road** Lynchwood Peterborough PE2 SLR Barclays Bank pie 10 High Street Oakham LE15 SAN
Solicitors
## **Investment Managers**
## **Accountants**
vwv PO Box 3501 Bristol BS2 2FL **Evelyn Partners Investment Management** 14[th ] Floor 103 Colmore Row **Birmingham** B33AG **Max Accountants/Wilson Partners Kings Centre** Oakham, LE15 7WD
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **`GOVERNORS'REPORT`**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Farmland advisors**
Shouler & Son County Chambers Kings Road Melton Mowbray LE13 1QF
Sheldon,Bosley,Knight 2 Grange Cottage Stoughton Grange Gartree Road **Leicester** LE2 2FB
Murray Estate Agents Market Street Oakham
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _**Governors**_
## Chairman
Mr D Pattinson (until 31 July 2024) Mr G Thompson (from 1 August 2024 to date) Name Committee membership Ex-Officio The Bishop of Peterborough The Dean of Peterborough The Patron, Ms C Johnson The Rector of Luffenham The Rector of Uppingham The Vicar of Oakham Ex-Officio appointees on behalf of: The Patron, Ms C Johnson-Hulacki (until 6 December 2024) The Patron, Mrs S Furness (from 6 December 2024) Mr D Cook on behalf of the Bishop of Peterborough Finance Mr G Thompson on behalf of the Dean of Peterborough (from 23 Finance, Property, House February 2024) Rev S Aley on behalf of the Vicar of Oakham Mrs J Mayhew on behalf of Rector of Luffenham (until 31 July 2024) House, Property
Peterborough Diocesan Board of Finance appointees: Mr D Pattinson (until 31 July 2024) Finance, Property Mrs J Mayhew (from 1 August 2024) House, Property MrV Harvey House (Chair), Property Co-Opted: Mrs A Whittington (until 31 July 2024) House Mrs P Woolnough (from 1 August 2024) House Dr K Greenwood House Mr D Johnson Finance & GP, Property (Chair) Mr M Reihill Property Mrs R Gilbert House Mrs C Davies Finance & GP (Chair)
## **Officers:**
CEO Doreen Woodward Finance Officer Caroline Tradewell (until 31 October 2024) Housekeeper Jill Spence Office Manager Steph Daniels/Zita Allen Property Services Manager Donald McClelland Executive Assistant Wendy Legard Planned Works Manager Rob Cotton Residents Support Worker Angie Grubb
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
**VISION:** Every resident at St John & St Anne's Almshouse Charity, thrives, feels safe and supported.
**MISSION:** To be one of the best Almshouses Providers in the country. To enhance the quality of life of our residents by providing good quality, well maintained homes where they can lead independent lives in a caring community setting.
## **VALUES:**
- **Respect & dignity** - we believe everyone deserves to be treated with respect and dignity and this informs the way we work.
- **Kindness & compassion** - we approach all situations with human kindness and a friendly, enthusiastic willingness to help and support.
- **Openness & transparency** - we are open, transparent, and honest in our dealings with our residents, staff, families, and the community.
- **Accountability** - we take ownership for our actions with a willingness to change where that is the right thing to do.
## **OBJECTIVES**
Based on the terms of the original licence for the foundation of the Hospital dated 21 May 1399 and the Royal Charter granted by Queen Elizabeth I in 1597 (and amended in 1976) the Charity's purpose is to provide accommodation for almspeople who shall be poor persons resident at the time of appointment in the District of Rutland or elsewhere in England.
The Governors review annually the strategic elements which they consider appropriate for pursuing the above charitable purpose; during the year under review, they re-confirmed a strategy summarised as follows:
- 1) We are a Rutland charity.
- 2) Our aim is to provide good quality and well-maintained accommodation, and an environment suitable for retired people who cannot afford their own home, to lead independent lives for as long as possible.
- 3) We value community and continuity for our residents and for ourselves.
- 4) We work with others who share our objectives.
- 5) We look to the long-term health of the Charity.
- 6) Our priority theme for 2024/25 is to continue to improve the suitability of our properties.
## **PUBLIC BENEFIT**
The Governors have due regard to the Charity Commission's guidance on public benefit. They believe that the Charity provides a public benefit by the provision within the County of accommodation for older people of limited means, which enables them to be able to live independently.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Hospital of St John the Evangelist and St Anne in Okeham is a body corporate (by virtue of the 1597 Royal Charter) with a Governing Body and staff.
. 6.
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _THE GOVERNING BODY_
The Governing Body is made up of 15 members - the Patron ( Mrs C Johnson-Hulacki being a descendant of Archdeacon Johnson, the petitioner for the 1597 Royal Charter, who has asked the charity to select her appointee); five ex-officio Governors (being persons holding specific offices in the Diocese of Peterborough and in certain Rutland parishes); three Governors appointed by the Peterborough Diocesan Board of Finance; and five co-opted Governors. In 2011 provision was made by Supplemental Charter for any ex-officio Governors who so wish to appoint, subject to Governing Body agreement, an appropriate person to represent him or her at meetings of the Governing Body; currently five ex-officio Governors are represented by such an appointment.
The Governing Body meets four times a year; in addition, there are three committees (House, Property, and Finance & General Purposes). Also, from lime-to-time ad hoc working groups are formed to address specific topics.
The Governing Body is conscious of the need to maintain, as far as possible, a matrix of skills and life experience combined with continuity of appointment. To this end Governors approve from time-to-time arrangements for persons who are willing to become full governors when a vacancy arises to attend and participate on a non-voling basis as 'governors-in-waiting'. This is an important aspect of the induction process and ensures an understanding of the Charity is acquired before becoming a full governor. The Charity's induction procedures ensure that prospective governors are made aware of the responsibilities of being a governor. The Charity uses local media, such as _Rutland Living_ magazine and parish newsletters, as well as local knowledge in recruiting prospective governors from the Rutland community.
## _THE CEO AND STAFF_
The Chief Executive Officer, Doreen Woodward is responsible for the day-to-day management of the Charity and there are six other members of staff employed to undertake finance, property, support, and housekeeping functions. To all the staff, we express our sincere thanks as it is through their dedication and commitment, we are able to carry out the good and positive work for our residents. Staff are appointed following standard industry procedures of formal application, interview, background checks such as references, qualifications and enhanced disclosure and barring check.
The Charity is committed to ensuring that all staff and governors are equipped with the knowledge and skills necessary to fulfil their roles effectively and in accordance with regulatory and best practice standards. During the year, staff received training in key areas including safeguarding of vulnerable adults, health and safety, complaint handling, fire safety, and data protection. Training was delivered through a combination of in-person sessions, online modules, and external providers, ensuring accessibility and relevance. The Charity continues to review and adapt its training programme to refiect changes in legislation, and the evolving needs of its residents and community.
The Governors approve remuneration levels designed to enable the Charity to recruit and retain the skilled staff needed to manage, support, and deliver its aims. The Charity has a policy of paying at least the Real Living Wage. Remuneration is adjusted annually in line with CPI rates in the January of that year.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _OUT-SOURCED PROFESSIONAL SERVICES._
The Charity has outsourced certain services, as follows:
Investment Management - Evelyn Partners Investment Management, Payroll Services - Price Bailey LLP,
HR Support - HR Dept.
## **PRINCIPAL ACTIVITY - BENEFICIARIES & OCCUPANCY**
The Charity provides almshouse accommodation and grounds at two sites in Oakham (South Street and St Anne's Close) and one in Uppingham (Johnson Road). It seeks to maintain the accommodation and its grounds in a good state of repair. It provides housing support services to older people of state retirement age who are experiencing financial, housing, or social needs and who can live in independent accommodation.
## BENEFICIARIES:
As at the end of the financial year there were 115 beneficiaries (46 male, 69 female) occupying the 103 properties.
Currently the youngest beneficiary is 60 years of age, whilst the eldest is 98 years of age.
## Resident Movement during the year
The reasons for any beneficiary seeking accommodation can be complex and varied, but the primary reason given in each of the applications can be broken down as follows:
- Social isolation
- Inappropriate housing to meet their needs
- Risk of homelessness
- Wanting to be near family
## Applications Received during the year
During the year a total of 37 applications were received in 2024-25 (38 in 2023-24).
The subject of the applications processed can be further broken down as follows:
Single females 13 Single males 19 Couples 5
Of the 37 applicants:
- 7 applicants failing to meet basic eligibility criteria, (age, wealth, geography, etc). 10 withdrew their application.
As stated above, the Charity was able to offer homes to 10 individuals during the past year, and we have 10 applicants who have joined our waiting list.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **PRINCIPAL ACTIVITY - BENEFICIARIES & OCCUPANCY (continued)**
The Charity re-assesses the needs of all outstanding applications as and when any vacancy arises; the fact of being on the waiting list does not in itself amount to a promise of a future appointment, it is the person in the most need at the time of the available accommodation.
## OCCUPANCY
The continued desire that the Charity use available void periods to undertake any significant refurbishment and upgrade work necessary to improve the quality of the properties.
The occupancy level target, as stated in the 2023/24 operational objectives (and thus that used as the basis of the 2023/24 budget) was 95%. The actual occupancy rate for the 2024/25 financial year was 98% so we exceeded this target.
The average re-let time for a vacant property across the full year was 54 days (2023-24: 62 days); this was a higher figure due to major refurbishments works required and some shortages in contractor availability. The number of re-lets as a percentage of stock across the year is 8.7% (2023-24: 7.7 %).
## **PRINCIPAL ACTIVITY -ALMSHOUSE PROPERTIES**
The portfolio consists of 103 almshouse properties as follows:
South Street 42 properties • William Dalby House 12 flats • David Royce House 23 flats • Brook Road 7 bungalows St Anne's Close 28 properties Uppingham 33 properties • **Bonner House** 12 flats • Taylor House 12 flats • Johnson Road 9 bungalows
In addition to the almshouse accommodation, the Charity also maintains a heritage asset, a 14th century Chapel at St Anne's Close.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **ACHIEVEMENTS**
## _Summary_
2024 has been a busy year in terms of relets, 9 void properties plus 2 internal transfers so 11 voids in total, and sadly we have had a high number of long-term residents passing away. This is reflected in beneficiary changes, both in respect of beneficiaries moving on to alternative accommodation, and new beneficiaries arriving. There has been a high volume of applications, and a continued theme of applicants at risk of homelessness or living in poor conditions and challenging circumstances.
Completing improvements works in void periods continued to be challenging as our contractor, Nottingham Community Housing Association were restructuring their organisation and were not able to provide the previous service to us going forward. Therefore, we sourced our own contractors to maintain our void refurbishment programme. The charity has almost full occupancy and a waiting list. The charity remains well placed in key resource areas of property, staff, governors, and finance, making it well able to meet its objectives now and in the future.
The charity continues to operate with a minimum 5-year perspective and is sufficiently resourced to consider expansion, should the opportunity arise.
## _Buildings I Site Development:_
During the year:
- Following the adoption of an improved property refurbishments specification in 2017, progress towards meeting these higher aspirations has continued throughout the year, as and when opportunity has presented itself. The availability of resources, both labour and materials, have proven to be problematic, and there has been a notable increase in the cost of such works.
Generally, the required work is disruptive, of the type that is not practical whilst the property is occupied and undoubtedly extends the length of time a vacant property needs to be classified as a void.
Progress since the commencement of the project is as follows, with the total number of completions to the improved specification as at the end of each financial year being:
2024/25 11 refurbishments completed 2023/24 7 refurbishments completed 2022/23 8 refurbishments completed
- The continuation of a programme to install level access showers into all properties continues, as vacancies permit. Currently 951103 have been completed (91/103 - 2023/24).
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **ACHIEVEMENTS (continued)**
- All of the SJSA properties now have a current Energy Performance Certificates (EPC) rating. Of the 103 properties, 87 are currently rated as C or above. All of the remaining 16 properties which are bungalows, 15 are rated D with one bungalow rated E. Quotes are being obtained to see if energy efficiency can be improved on the bungalows.
- The continuation of a programme of installing combi-boilers into properties, in order to better manage water safety. II should be noted that this approach is not appropriate for Taylor House (Uppingham) or William Dalby House (Oakham) as they are both supplied by communal boilers, and as such, the project will be completed on achieving 79 installations.
The total number of installations so far completed at the end of the financial year is:
2024/25 51/79 properties installed with a combi-system 2023/24 48/79 properties installed with a combi-system 2022/23 47/79 properties installed with a combi-system
- The programme of fully replacing the flooring within all upper flats at St Anne's Close, a problem first accurately diagnosed in the last quinquennial inspection continues, but no further properties became vacant this year to allow any more to be completed. Currently 10 out of 14 properties have so far received such attention.
- 4 roofs were replaced on the bungalows at Johnson Road, Uppingham
- Quotes were sought following a fire door inspection to meet new fire regulations
- 6 new kitchens were installed
- An environmental survey was completed by external consultants.
The appointment by SJSA of a second Property Manager in May 2024 has enabled the Charity to have greater involvement in the larger planned works, and management of resident expectations in respect of the repairs service, and to maintain a closer overview of the services that are being delivered. During 2024/25 a survey of repairs placed directly by SJSA with a contractor, returned a satisfaction rate of 100% and were completed on time. (2023/24: 97%).
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **ACHIEVEMENTS (continued)**
The Residents Satisfaction Survey conducted in 2024 provides the most accurate evidence of how the responsive repairs service is perceived by those it impacts on most. The recorded satisfaction level, at 100%, compares favourably with the 94% recorded in the previous survey. The survey in 2024, aligned with the 'Tenant Satisfaction Measures' standard introduced by the Regulator of Social Housing. The 2024 survey metrics recorded 94% overall satisfaction, 95% satisfied they have a well-maintained home. 96% of residents feel safe in their home, 92% of residents felt the charity was easy to deal with, with 90% feeling they were treated fairly and with respect.
## _Support_ Services:
In addition to the provision of housing and property maintenance, the Charity holds the belief that in delivering its strategic objective, to enable beneficiaries to lead _"independent lives for_ as _long_ as _possible"_ ii is important that consideration be given to meeting their various and individual support needs.
In response to national and local changes to both the funding and delivery of health and social services, the Charity has in recent years continued to consider it appropriate that ii should increase its own efforts to deliver effective housing-related support. This has proven to be the correct approach over the past 12 months, as beneficiaries have encountered difficulties in securing other forms of health and social services support.
At the current time SJSA support services are primarily through:
## 1. Telecare-Support
All properties are covered by a Community Lifeline service delivered by Harborough Borough Council (Harborough Lifeline), and which is fully funded by SJ&SA, regardless of the financial situation of the individual beneficiary.
During the year Harborough Lifeline handled a total of 4,760 SJ&SA generated calls (4,263 in 2023/24). This traffic included health / fall type emergency calls of 56 (36 in 2023/24).
The response times for all calls are monitored and reported on annually, and can be measured against the Quality Standards Framework requirements, as published by TSA (previously Telecare Services Association).
## Call Answers Statistics 2023/24 All SJSA Properties
68% answered within 60 seconds (89% - 2023/24) 89% answered within 180 seconds (89% - 2023/24)
Overall, these reported response times do continue to give assurance that our beneficiaries receive an effective and efficient service from Harborough Lifeline.
In addition to the reactive type of tele-support provision detailed above, each beneficiary is also offered the option to use a pro-active service provided by _Alertaca/1,_ commonly known within SJ&SA as the _Okay-eachday_ service.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **ACHIEVEMENTS (continued)**
The Alertacall provision was upgraded from a telephone facility to a new tablet-based service. This offers a number of immediate benefits, improving the capability of SJSA to communicate with individual or groups of beneficiaries, and providing a single route for the reporting of repairs that is available to all beneficiaries 24 hours a day. At the same time, this service was made an integral part of the housing package provided, and it has now been possible to sign all residents up to the _Okay-each-day_ service.
During the year there were 1,225 occasions, when the service contacted a named responder due to an individual not logging in. The service also made 92 contacts to local hospital services to monitor the discharge arrangement for a beneficiary. In addition, there were 123 occasions when this service initiated a repair request on behalf of a resident, this has increased significantly since the introduction of the tablets, which facilitate the reporting of repairs for beneficiaries.
The _Alertaca/1_ service also enables information messages to be delivered electronically to groups of beneficiaries or individuals. In total 286 different messages have been delivered during the year (218 in 2023-24).
The resident feedback conducted in 2024 would suggest that both services are well regarded by those who use them.
## 1. Personal support
The Charity is very conscious of the role that effective housing related support has in enabling beneficiaries to continue to live independent lives. As such SJ&SA employs a full time Resident Welfare & Benefits Advisor, in order to better meet the needs of the resident group.
Although accessible by all, traditionally the Resident Advisor resource has been focussed on the frailest 20% of our population. Covid meant that more contacts were made to significantly more beneficiaries, some requiring the adoption of new approaches, as the Charity attempted to offer good support to all throughout the pandemic. That increased level of support remains.
The work of the Support Worker has over the past twelve months successfully delivered 24 benefits reviews (30 in 2023/24), 3 Blue Badge applications (7 in 2023/24) and 14 care assessment and occupational therapy referrals (14 in 2023/24).
The SJSA support service was successful in assisting over 10 different beneficiaries to claim a significant amount in new "benefit income" during the year. This continues to demonstrate the positive outcome achievable from active housing support.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **ACHIEVEMENTS (continued)**
## _Beneficiary involvement:_
The Charity remains firm in its desire to consider the wishes and opinions of its beneficiaries, particularly in those decisions that directly impact on their day-to-day living. This is achieved through:
- The quarterly publication of _The Jigsaw,_ a newsletter distributed to all beneficiaries.
- The publication of an Annual Report to Residents.
- Governor/beneficiary forums at least twice a year.
- Quarterly Resident Consultation Panel meetings. The Consultation Panel is made up of representatives from each of the Charity's sites.
- In 2024 the Charity commissioned an independently conducted Resident Satisfaction Survey. This indicated a high level of resident satisfaction levels across a range of measures that included the industry accepted standard _"Housemark"_ questions. The next independent Resident Satisfaction Survey will take place in 2025.
## _Recognition_ & _Communication:_
The Charity is also conscious of the need to raise awareness within the wider community, and to contribute to the wellbeing of the community beyond the immediate beneficiary group. During the past twelve months this has been achieved _by:_
- The Charity is a member of the Almshouse Association.
- The Charity is also a member of SPBM {Smaller Housing Providers Benchmarking Group).
- As part of its desire to raise awareness within the wider community, and to support other organisations that share our objectives, the Charity has made its resources available to a range of external organisations. These include: Age UK {Carers Support Group, Veterans group, Mostly Men Club), Oakham in Bloom Steering Group, Co-op Ladies Group, The Trefoil Guild, the Oakham Canal Trust project, and the Baptist Church Sunday School.
- The Charity continues to work cooperatively with Rutland County Council so as to ensure that our partnership arrangements work effectively.
## **FUTURE PLANS**
- To assess any opportunities for potential development or incremental expansion where possible.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **FUTURE PLANS (continued)**
- Continue to implement the policy around accessibility standards/ level access showers, as vacancies permit.
- Upgrade our emergency tele-care response systems to digital systems in line with the **BT** move away from analogue phone lines and explore the use of additional technology that may benefit our residents.
- To replace the roofs of 3 adjoining bungalows at Johnson Road.
- Review our social media profile to ensure more people know about what we offer and the impact to the people living with us of the support they gain in our community based independent homes.
The condition of all properties becoming vacant will continue to be addressed before re-letting lo ensure we continue to offer good quality homes.
## **VALUE FOR MONEY STATEMENT 2024-25**
The format of this year's statement refiects the publication in April 2018 of the Regulator of Social Housing's _Value for Money Standard for Registered Providers._
|
_ue for Money Standard for Registered Providers._|||
|---|---|---|
|**Metrics specified by the regulator**|**Outcome**
**2024/25**|**Outcome**
**2023/24**|
|Metric 1:
Reinvestment %|2.2%|0.5%|
|Metric 2a:
New Supply (Social Housing Units)%|NIL|**NIL**|
|Metric 2b:
New Supply (Non-Social Housing Units) %|NIL|**NIL**|
|Metric 3:
Gearing%|(12.84%)|(11.76%)|
|Metric 4:
EBITDA (Major Repairs Included)
Interest Cover %|2,291%|1,881%|
|Metric 5:
Headline Social Housing Cost per Unit|£10,543|£8,139|
|Metric 6A:
%
Operating Margin (social housing lettings only)|(4.8%)|(7.5%)|
|Metric6B:
Operating Margin (overall)%|10.4%|10.5%|
|Metric 7:
Return on Capital Employed %|0.9%|0.8%|
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **FINANCIAL REVIEW**
In the year to 31 March 2025, the Charity's finances benefited from a positive outcome on net incoming resources, of some £114,612 (2024: £96,058), and from a gain on investment valuations of £94,878 (2024: £562,644). As a result, balance sheet total funds have increased to some £12.5 million (2024: £12.3 million), within which cash and cash-equivalents comprise some £1.2 million (2024: £1.1 million).
Investments and investment performance are dealt with in more detail below.
Much of the Charity's expenditure on operational properties is now accounted for as additions to fixed assets. These amounted to £180,237 in the year (2024: £38.010). These costs and plans for future years are significantly affected by the Governors' strategic decision not simply to replace operational property assets on a like-for-like basis as and when they reach the end of their economically useful lives, but to focus on any available improvements better suited to the Charity's objective of providing accommodation suitable for residents to live independently for as long as possible.
The Governors' approach to financing these costs and plans is dealt with further below in the paragraphs on Reserves and Reserves Policy.
## **Investments and investment performance**
The Charity holds investments on account of Permanent Endowment, Restricted and Designated Funds, the investments being spread over farmland, listed investments and cash.
The investment management objectives are that:
- the Charity should, over the long term, receive regular investment income sufficient to ensure that it can continue its charitable activities at least at their present level and with full attention to the need for maintenance and repair of operational properties;
- the Charity should maintain sufficient liquidity in its investment and cash assets to be confident at any one time of meeting its cash fiow needs for the subsequent year;
- whilst pursuing these income and liquidity objectives, management of the Charity's investments should, so far as possible, maintain or enhance the value of the Charity's permanent endowment and other investments.
In pursuing the above objectives, the Charity maintains a direct investment in farmland; maintains assets in equity-based investments (managed by CCLA) in respect of its Restricted Reserves; and has arranged for the permanent endowment listed investment portfolio to be managed on a discretionary basis by Evelyn Partners Investment Managers, within a framework of ethical investment criteria (adopted from those published for the Church of England) and a willingness to be exposed to a medium level of market risk.
In relation to the investment income objective and the portfolio managed by Evelyn, the Governors set a target of £120,000 before fees for investment income in the year. Income received of £137,891 (2024: £128,518) exceeded this target.
Together with farmland and other investment income, total investment income in the year was £186,908 (2024: £175,381) before investment management costs of £25,061 (2024: £24,192).
In relation to the liquidity objective there was no call during the year to sell or re-allocate investments in order to make an extra contribution to liquidity needs.
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## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **FINANCIAL REVIEW (continued)**
## **Investments and investment performance (continued)**
As to the objective relating to capital values, on 31 March 2025 the balance sheet total for investments was £6,135,550 (2024: £6,040,142).
The large majority of this value is in assets which are independently valued at the year end; for one category of investment - the farmland - the Governors' practice is to obtain a professional valuation every three years; as such a fresh valuation was obtained in 2025, with the next one due in 2028.
## **Reserves and Reserves Policy**
At the year end the total funds held by the Charity were some £12.52 million, made up of:
|Endowment funds
Restricted funds
Unrestricted designated funds
Unrestricted general funds|£million
10.88
0.47
0.48
0.69|
|---|---|
||12.52|
The Endowment Funds are the permanent capital of the Charity. On the asset side of the balance sheet, they are represented by:
- Operational properties held for the long term;
- Investments, the income from which is available to subsidise operating costs, but the capital value of which is not expendable except with the consent of the Charity Commission.
The Restricted funds are also not available for expenditure. Formally they represent a Recoupment Fund set up in two stages, firstly when the Charity expended capital towards the cost of the South Street, Oakham, flats in 1976, and secondly when capital was expended on the first development at Uppingham in 1980. In both cases, the Charity was required by the Charity Commission to set aside an annual sum of £602 over sixty years to recoup this capital. When that term expires, the capital of the recoupment fund will be added to the Permanent Endowment investments.
By contrast, Unrestricted funds are available for expenditure at Governors' discretion in pursuit of the Charity's purposes. Within this category there are two sub-categories - one where the Governors have 'designated' or earmarked funds for one or more particular future purposes, and General funds which have not been so earmarked.
At the year end the Designated funds of £481,284 comprised an Extraordinary Repairs Reserve of £382,304 and a Cyclical Maintenance Reserve of £98,980.
The Extraordinary Repairs Reserve is used to enable major property expenditure to be planned over a 5-year timescale, having regard to any need for funding above the level of cashflow generated by almshouse operations and investment income. A balance of £382,304 (2024: £382,304) is held in the Extraordinary Repairs Reserve which is sufficient, but is not excessive, having regard to current plans for the next 5 years.
- 17 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **FINANCIAL REVIEW (continued)**
## **Investments and investment performance (continued)**
**A** second designated reserve (for Cyclical Maintenance) is maintained to fund lesser, periodic, planned repairs and maintenance and is funded by an annual transfer from the income of the Charity. A balance of £98,980 (2024: £98,980) is held in the Cyclical Maintenance designated reserve.
The General Unrestricted funds represent the accumulated balance to date of the income of the Charity after meeting all almshouse, management and other running costs and transfers to the Cyclical Maintenance and Extraordinary Repair reserves. In common with other charities, the Charity needs to maintain a balance on such General Reserves in order to ensure that, in the event of any abrupt or unforeseen worsening in the Charity's operating finances, the Charity can continue its activities for a sufficient period of time to be able to recover and/or find a new basis of financing its activities. The relevant annual cost for the Charity is now running at a level of approximately £0.90 million p.a. (total resources excluding depreciation which is not a 'cash cost'); the Unrestricted General Reserve at 31 March 2025 (£686,639) therefore suffices for some 9.13 months' operating 'cash costs'. The Governors consider that this is acceptable in current circumstances.
## Risk management
The Governors assess from time to time the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to these. These risks relate to:
- (i) providing and maintaining a safe and secure environment for our residents and for others who work at or visit the Charity's premises;
- (ii) providing and maintaining governance, financial and administrative arrangements to safeguard the Charity's assets, to promote its long-term health and to facilitate its operational activities.
The Charity's main strategy to address these risks is (i) to review from time to time the particular areas where such risks may be either most likely to arise or where their impact would be most serious and to devise and implement particular mitigation plans as appropriate in the light of such review; and (ii) at all times and on a continuous basis to keep under review, and to report to Governors, any work necessary to ensure that the Charity's properties provide a safe and secure environment.
In addition, Governors are conscious that the scale and smooth running of the Charity's operations depends to a considerable extent upon governmental regimes, systems and services. Some aspects of the future of these are subject to significant uncertainty. Governors seek to minimise the risks to the Charity from such uncertainty by keeping abreast of relevant developments (in particular through the Almshouse Association) and by regular review, particularly at the time of annual budgeting.
- 18 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **GOVERNORS' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Statement of Governors' responsibilities**
The Governors are responsible for preparing the Governors' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period.
In preparing these accounts, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Governors are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing instruments. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Thanks are recorded to all the Governors that have given their time freely not only to attend meetings but also to deal with individual matters in the year.
The Governors' report was approved by the Governing Body on .[2] �."�ll..[2] �?5.....
|PG_'Tto"'/'>OA_|**C/ll!P.,,.vie.::s**|
|---|---|
|�13ff/Jl5lmpson (Aug 28, 2025,|Carolyn Davies (Sep 1, 2025, 8:57am)|
|G Thompson|C Davies|
|**Chair**|**Governor**|
• 19 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE GOVERNORS OF THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
We have audited the financial statements of The Hospital of St John the Evangelist and of St Anne in Okeham for the year ended 31 March 2025, which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable to the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
- give a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in acccrdance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aUthorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the Governors' annual report, other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Acccunts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the Governors' report is inconsistent in any material respect with the financial statements; or
- sufficient accountinq records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
- 20 -
## **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**
## Responsibilities of Governors
As explained more fully in the Governors' responsibilities statement set out on page 19, the Governors are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations;
Performing audit work to address the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in accounting estimates are indicative of a potential bias; Reviewing minutes of meetings of those charged with governance; and Reviewing financial statement disclosures
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-for-audiUDescription-of-auditors-responsibilities-for-audit.aspx.This description forms part of our auditor's report.
-21 -
## **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**
Use of our report
This report is made solely to the Charity's Governors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Governors those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Governors as a body, for our audit work, for this report, or for the opinions we have formed.
Pn_coScuJC2G·luD **Price Bailey LLP** __j_
**Chartered Accountants Statutory Auditor**
36 Tyndall Court Commerce Road Lynchwood Peterborough Cambridgeshire PE2 6LR
Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
• 22 •
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Notes**
Income and endowments from:
Charitable activities
**3**
Investments
**4**
Other income
**5**
Donations and legacies
**6**
**Total income and endowments**
Expenditureon;
Charitable activities
**7**
Investment management costs
**8**
**Total resources expended**
**Net incoming/(outgoing) resources before**
**before transfers and gains/(losses)**
on investments
Net gains/(losses) on investments
**Net incoming/(outgoing)**
resources before transfers
Gross transfers between funds
**Net movement in funds**
Fund balances at 1 April 2024
**Fund balances at 31 March 2025**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Permanent**
**endowment**
**funds**
**Total**
**Year ended**
**2025**
**Total**
**Period ended**
**2024**
£
£
£
£
£
1,036,068
1,036,068
779,631
186,908
186,908
175,381
2,583
2,583
3,381
180|
|---|---|
||1,225,559
1,225,559
958,573|
||878,044
207,842
1,085,886
838,323
24,989
72
25,061
24,192|
||903,033
207,914
1,110,947
862,515|
||322,526
(207,914)
114,612
96,058
(7,066)
101,944
94,878
562,644|
||322,526
(7,066)
(105,970)
209,490
658,702
(195,781)
602
195,179|
||126,745
(6,464)
89,209
209,490
658,702
1,041,178
478,805
10,788,362
12,308,345
11,649,643|
||1,167,923
472,341
10,877,571
12,517,835
12,308,345|
-23 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
|**Notes**
£
**Fixed assets**
Tangible assets
**12**
**Investments**
**13**
**Current assets**
Debtors
**15**
46,922
**Investments**
205,210
Cash at bank and in hand
1,015,993
1,268,125
**Creditors: amounts falling due within**
**one year**
**16**
(122,995)
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**17**
**Net assets**
**_Capital funds_**
**Unrestricted funds - general**
Unrestricted funds - designated
**21**
**Total unrestricted funds**
Endowment funds
**22**
_Including revaluation reserve of £2,428,161 (2024: £2,326,217)_
Restricted funds
**23**
_Including revaluation reserve of £358,245 (2024:_£365,311)|£
46,922
205,210
1,015,993
1,268,125
(122,995)||**2025**
£
5,399,063
6,135,550|£
53,718
74,887
1,010,213|**2024**
**Restated**
£
5,428,182
6,040,142|
|---|---|---|---|---|---|
||||11,534,613
1,145,130||11,468,324
1,017,722|
|||||1,138,818
(121,096)||
|||||||
||||12,679,743
(161,908)||12,486,046
(177,701)|
||||12,517,835
686,639
481,284
1,167,923
10,877,571
472,341
12,517,835||12,308,345
559,895
481,283
1,041,178
10,788,362
478,805
12,308,345|
**The financial statements were approved by the Governing Body and authorised for issue on** _?_ � _._ ��� _???_ � _.._ **and are** signed on its behalf by:
_**C;V/1/.,,.vie..s**_ PG _Tt.o'f>O_ � �Davies (Aug 29, 2025, �� _ffi\ll_ � _gb'/,°_ (Aog 28, 2025, **C Davies**
**Chair**
**Governor**
- 24 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Notes**
**Cash flow from operating activities**
(i)
**Cash flow from investing activities**
Purchase of tangible fixed assets
Investment purchases and disposals
(ii)
Interest income
Investment income (net of investment
management costs)
**Net cash flow from investing activities**
**Cash flow from financing activities**
Repayment of bank loans
Interest paid
**Net cash flow from financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**Cash and cash equivalents consists of:**
Cash at bank and in hand
Fixed term cash deposits
Investment cash balances
**Cash and cash equivalents at end of year**|£
(180,237)
14,575
39,812
112,830|**2025**
£
196,115
(13,020)
(32,650)|£
(38,010)
(41,270)
37,419
113,770|**2024**
**Restated**
£
80,555
71,909
(29,626)|
|---|---|---|---|---|
||(16,774)
(15,876)||(13,295)
(16,331)||
||||||
|||150,445
1,120,878||122,838
998,040|
|||1,271,323||1,120,878|
|||1,015,993
205,210
50,120||1,010,213
74,887
35,778|
|||1,271,323||1,120,878|
- 25 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE STATEMENT OF CASHFLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Notes**
**Note**(i) -**Reconciliation of net income/(expenditure) to**
net cash flow from operating activities
**Net incoming/(outgoing) resources**
Adjustments for:
Investment income recognised in statement of financial
activities
Investment management costs
Depreciation and loss on disposal of tangible fixed assets
(iii)
Interest payable
Interest received
Decrease/(lncrease) in debtors
(Decrease)/Increase in creditors
**Net cash flow from operating activities**
**Note**(ii) •**Investment purchases and disposals**
Purchase of other investments
Proceeds on disposal of other investments
**Note**(iii) •**Depreciation and impairment of tangible fixed**
**assets**
Depreciation and impairment of tangible fixed assets
Loss on disposal of tangible fixed assets
**Analysis of changes in net debt**
**Balance at**
**1 April 2024**
£
Cash
1,085,100
Loans due within one year
(16,992)
Loans due after one year
(177,701)
890,407|**2025**
**2024**
£
£
114,612
96,058
(137,891)
(137,962)
25,061
24,192
209,356
173,640
15,876
16,331
(39,812)
(37,419)
6,796
(17,758)
2,117
(36,527)
196,115
80,555
(813,706)
(313,407)
828,281
272,137
14,575
(41,270)
196,743
169,046
12,613
4,594
209,356
173,640
**Other**
**Balance at**
**Cash**
**flows**
**non-cash 31 March 2025**
movements
£
£
£
136,103
1,221,203
218
(16,774)
15,793
(161,908)|
|---|---|
||152,114
1,042,521|
• 26 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
The Hospital of St John the Evangelist and of St Anne in Okeham is a Registered Charity and Registered Social Housing Provider that is primarily an endowed Almshouse Charity.
## **1.1 Accounting convention**
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The Charity is a Registered Social Housing Provider. In accordance with the requirements of the Housing SORP, the Charity has applied the Charities SORP in the preparation of these financial statements.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention as modified by the revaluation of investments. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the accounts, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the accounts.
## **1.3 Charitable funds**
## **Unrestricted funds**
## General funds
Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives unless the funds have been designated for other purposes.
-27 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
_FOR THE YEAR ENDED 31 MARCH 2025_
## **1 Accounting policies (continued)**
## **1.3 Charitable funds (continued)**
## **Unrestricted funds (continued)**
## Designated funds
The following unrestricted funds have been designated at the discretion of the Governors for specific purposes as follows:
## **Extraordinary repair fund**
The extraordinary repair fund has been set up to fund large scale repairs, renovations and improvements **which occur from time to time.**
## Cyclical maintenance fund
The cyclical maintenance fund has been set up to fund periodic, non annual, repairs and maintenance and is funded by an annual transfer based on The Almshouse Association guideline figures.
## **Restricted fund**
## Recoupment fund
The Recoupment fund was set up in two stages, firstly when the Charity expended capital towards the cost of the South Street, Oakham flats in 1976, and secondly when capital was expended on the first development at Uppingham in 1980. In both cases, the Charity was required by the Charity Commission to set aside an annual sum over sixty years to recoup this capital. When that term expires, the balance on the Reserve will be transferred to the credit of Permanent Endowment and the assets held on account of the reserve transferred to Fixed Asset Investments.
## **Office conversion project**
This fund relates to Social Housing Grant awarded to facilitate the development and provision of Affordable Housing. The use of the grant is restricted to the delivery of affordable dwellings pursuant to Homes England's Shared Ownership Affordable Homes Programme 2016-2021.
## **Permanent endowment funds**
Permanent endowment funds represent the capital of the Charity and are invested in operational properties (i.e. almshouse residential properties), farmland, listed investments and cash. This capital is not expendable but the income generated represents unrestricted income.
## **1.4 Incoming resources**
Income is recognised when the Charity is legally entitled to it.
All residents' weekly maintenance contributions are recognised when due and investment income is **recognised when receivable.**
## **1.5 Resources expended**
Expenditure is recognised when a legal or constructive obligation has fallen due.
All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
- 28 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies {continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
## **Freehold land and housing properties**
Freehold land is not depreciated. Depreciation is charged so as to write down the cost of freehold housing properties to their estimated residual value on a straight line basis over their estimated useful economic lives at the following annual rates:
Main fabric of buildings Over 100 years Mechanical installations Over 30 years Roof Over 70 years Electrical installations Over 40 years Windows and external doors Over 30 years Lifts Over 20 years Gas boilers Over 15 years Kitchens Over 20 years Fire alarms and lifeline equipment Over 20 years Buggy store Over 30 years Bathrooms Over 30 years Access ramps/steps Over 30 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities for the year.
## **Furnishings and equipment**
Furnishings and equipment are stated at cost less accumulated depreciation. Depreciation is provided to write off the cost of assets over their expected economic useful lives on a straight line basis of either 10% or 25%.
## **Social Housing Grant**
Where developments have been financed wholly or partly by Social Housing Grant (SHG), the amounts of the grants received are recognised as incoming resources using the performance model. On the sale of a property, or if another relevant event takes place, SHG may become repayable, although it is normally available to be recycled and used for a new Social Housing project approved by the Homes & Communities Agency. The cumulative amount of Social Housing Grant received at 31 March 2025 was £3,086,870 (31 March 2024: £3,086,870).
## **1.7 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net incoming/(outgoing) resources for the year.
## **1.8 Impairment of fixed assets**
At each reporting end date, the Governors review the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss **{if** any).
- 29 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## _FOR THE YEAR ENDED 31 MARCH 2025_
## **1 Accounting policies (continued)**
## **1.8 Impairment of fixed assets (continued)**
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use. the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to **the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed** the carrying amount that would have been determined had no impairment loss been recognised for the asset **in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried** in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.9 Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investments' in the Statement of Financial Activities if the shares are publicly traded or their fair value can **otherwise be measured reliably. Other investments are measured at cost less impairment.**
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, bank overdrafts and cash held as fixed asset investments. Bank overdrafts are shown within borrowings in current liabilities.
## **1.11 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method and fixed asset investments which are recognised and subsequently measured in accordance with the accounting policy at note 1.7.
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are **received.**
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.13 Value added tax**
The Charity is unable to reclaim any Value Added Tax (VAT) it incurs on its expenditure. This irrecoverable tax is a cost to the Charity and consequently all figures within these financial statements are stated inclusive of any VAT incurred (unless stated otherwise).
## **1.14 Business combinations**
Where acquisitions are in substance the gifting of control of a business to the Charity the combination is treated as a non-exchange transaction and the fair value of the gifted assets and liabilities in the transaction is recorded as a gain or loss in the statement of financial activities in the year of combination.
- 30 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies (continued)**
## **1.15 Operating leases**
Rentals applicable to operating leases where subsequently all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities.
## **1.16 Major repair costs**
The Charity capitalises expenditure on housing properties which results in an enhancement of the economic benefit of the asset such as an increase in the net rental stream over the life of the property. An increase in the **net rental stream may arise through an increase in net rental income, a reduction in future maintenance costs,** or a significant extension of the useful life of the property.
Expenditure on works which does not meet this criteria is written off to the Statement of Financial Activities in the year in which it is incurred. This includes expenditure incurred to ensure that the property can maintain its existing level of net rental income or the standard of performance anticipated when the property was first acquired or constructed.
## **2 Critical accounting estimates and judgements**
In the application of the Charity's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Charitable activities**
|**2025**
£
Provision of almshouses - residents' weekly maintenance contributions
1,036,068
**4**
**Investments**
**2025**
£
Rental income
9,205
Income from listed investments
137,891
Interest receivable
39,812
186,908||**2024**
£
779,631|
|---|---|---|
|||**2024**
£
9,444
128,518
37,419
175,381|
||||
- 31 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
_FOR THE YEAR ENDED 31 MARCH 2025_
|**`5`**
**Other income**
**`2025`**
£
Common room lets
175
Sundry site receipts
2,408
2,583
**Analysis by fund**
Unrestricted funds
2,583
Restricted funds
2,583
**6**
**Donations and legacies**
**`2025`**
£
Donations and gifts|**`2024`**
£
865
2,516
3,381
3,381|
|---|---|
||3,381|
||**`2024`**
£
180|
- 32 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **7 Charitable activities**
|**Provision of Almshouses**
**`2025`**
**`2024`**
£
£
Staff costs
294,079
231,742
Depreciation and loss on disposal of fixed assets
209,356
173,640
Day to day maintenance
183,190
75,931
Cyclical maintenance
107,024
113,164
Utilities
20,561
24,897
Window cleaning and materials
7,464
4,170
Support worker expenses
1,106
768
Alertacall
28,010
24,865
Charitable benefit
56,179
55,240
Landscaping
30,945
27,706
Buildings and contents insurance
9,061
8,406
Management
115,731
70,141
Door entry system
2,639
Void properties
610
1,459
1,063,316
814,768
Governance costs (see note 9)
22,570
23,555
1,085,886
838,323
**Analysis by fund**
Unrestricted funds
878,044
666,759
Endowment funds
207,842
171 564
1,085,886
838,323
**Investment management costs**
**`2025`**
**`2024`**
£
£
Investment management
25,061
24,192
25,061
24,192|**Provision of Almshouses**
**`2025`**
**`2024`**
£
£
Staff costs
294,079
231,742
Depreciation and loss on disposal of fixed assets
209,356
173,640
Day to day maintenance
183,190
75,931
Cyclical maintenance
107,024
113,164
Utilities
20,561
24,897
Window cleaning and materials
7,464
4,170
Support worker expenses
1,106
768
Alertacall
28,010
24,865
Charitable benefit
56,179
55,240
Landscaping
30,945
27,706
Buildings and contents insurance
9,061
8,406
Management
115,731
70,141
Door entry system
2,639
Void properties
610
1,459
1,063,316
814,768
Governance costs (see note 9)
22,570
23,555
1,085,886
838,323
**Analysis by fund**
Unrestricted funds
878,044
666,759
Endowment funds
207,842
171 564
1,085,886
838,323
**Investment management costs**
**`2025`**
**`2024`**
£
£
Investment management
25,061
24,192
25,061
24,192|**Provision of Almshouses**
**`2025`**
**`2024`**
£
£
Staff costs
294,079
231,742
Depreciation and loss on disposal of fixed assets
209,356
173,640
Day to day maintenance
183,190
75,931
Cyclical maintenance
107,024
113,164
Utilities
20,561
24,897
Window cleaning and materials
7,464
4,170
Support worker expenses
1,106
768
Alertacall
28,010
24,865
Charitable benefit
56,179
55,240
Landscaping
30,945
27,706
Buildings and contents insurance
9,061
8,406
Management
115,731
70,141
Door entry system
2,639
Void properties
610
1,459
1,063,316
814,768
Governance costs (see note 9)
22,570
23,555
1,085,886
838,323
**Analysis by fund**
Unrestricted funds
878,044
666,759
Endowment funds
207,842
171 564
1,085,886
838,323
**Investment management costs**
**`2025`**
**`2024`**
£
£
Investment management
25,061
24,192
25,061
24,192|
|---|---|---|
|||814,768
23,555|
|||838,323|
|||666,759
171 564|
|||838,323|
|||**`2024`**
£
24,192|
|||24,192|
## **8 Investment management costs**
- 33 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
_FOR THE YEAR ENDED 31 MARCH 2025_
|**9**|**Support costs**||||
|---|---|---|---|---|
|||Governance|**2025**|**2024 Basis of allocation**|
|||**costs**|||
|||£|£|£|
||Audit fees|6,694|6,694|7,224 100% charitable activities|
||Interest payable|15,876|15,876|16,331100% charitable activities|
|||22,570|22,570|23,555|
## **10** Governors
None of the Governors (or any persons connected with them) received any remuneration from the Charity during the year. None of the Governors were reimbursed expenses during the year (2024: £149).
- 34 -
**0**
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **11 Employees**
## **Number of employees**
The average monthly number of persons employed by the Charity during the year was:
|**`2025`**
**Number**
CEO
1
Office Manager
1
Property Manager
**1**
Property Services Manager
Executive Assistant
Residents' Support Worker
Housekeeper
1
7|**`2024`**
**Number**
1
1
1
1|
|---|---|
||7|
The full time equivalent number of employees receiving annual remuneration excluding employer pension contributions in excess of £60,000 are:
|£60,001 to £70,000
£70,001 to £80,000
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**`2025`**
£
258,196
22,264
13,619|1|
|---|---|---|
|||**`2024`**
£
201,146
15,543
15,053|
||294,079|231,742|
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows:
|**`2025`**
£
Salary
75,597
Contributions to pension scheme
5,852
81,449|**`2024`**
£
57,306
4,420|
|---|---|
||61,726|
- 35 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## _FOR THE YEAR ENDED 31 MARCH 2025_
## **12 Tangible fixed assets**
|Land and
buildings
£
**Cost**
At 1 April 2024
8,026,940
Additions
179,169
Disposals
(87,877)
At 31 March 2025
8,118,232
**Depreciation and impairment**
At 1 April 2024
2,605,222
Depreciation charged in the year
195,229
Depreciation eliminated on disposals
(75,264)
At 31 March 2025
2,725,187
**Carrying amount**
At 31 March 2025
5,393,045
At 31 March 2024
5,421,718|Fixture,
Total
fittings and
equipment
£
£
65,205
8,092,145
1,068
180,237
(87,877)|
|---|---|
||66,273
8,184,505|
||58,741
2,663,963
1,514
196,743
(75,264)|
||60,255
2,785,442|
||6,018
5,399,063|
||6,464
5,428,182|
- 36 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **13 Fixed asset investments**
|**2025**
£
Listed investments
5,360,430
Farmland
725,000
Cash and cash equivalents:
- Investment management deposit account
50,120
- COIF deposit account - Extraordinary repair fund
- COIF deposit account - Cyclical maintenance fund
6,135,550|**2024**
£
5,289,364
715,000
35,778
6,040,142|
|---|---|
The farmland was valued in February 2025 by an independent RIGS Chartered Surveyor. The Governors are of the opinion that this revaluation continues to refiect the fair value of the farmland at 31 March 2025.
The listed investments are valued at market value. The Governors consider variability of investment returns on the permanent endowment to constitute the Charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
## **Movements in fixed asset investments**
|**Cost or valuation**
At 1 April 2024
Additions
Valuation changes
Disposals
At 31 March 2025
**_Carrying amount_**
At 31 March 2025
At 31 March 2024|**Cash**
**Shares**
**Farmland**
**Total**
£
£
£
£
35,778
5,289,364
715,000
6,040,142
813,706
813,706
14,342
74,672
10,000
99,014
(817,312)
(817,312)|
|---|---|
||50,120
5,360,430
725,000
6,135,550|
||50,120
5,360,430
725,000
6,135,550|
||35,778
5,289,364
715,000
6,040,142|
The profit on investment disposals during the year based on historic cost was £150,432 (2024: loss of £12,824).
- 37 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## _FOR THE YEAR ENDED 31 MARCH 2025_
|14
Financial instruments
Carrying amount of financial assets
Equity instruments measured at fair value less impairment
**Carrying amount of financial liabilities**
Loans measured at amortised cost|**`2025`**
£
5,360,430
5,360,430
178,682|**`2024`**
£
5,289,364
5,289,364
194,693|
|---|---|---|
## **Financial assets pledged as collateral**
The loans are secured and some carry a variable rate of interest 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 of their fixed asset investments.
|**`15`**
**16**
**`17`**|
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accnued income
**Creditors: amounts falling due within one year**
**Notes**
Loans and overdrafts
**18**
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income
**Creditors: amounts falling due after more than one year**
**Notes**
Loans and overdrafts
**18**|**`2025`**
£
**`2024`**
£
3,153
3,805
43,769
49,913|
|---|---|---|
|||46,922
53,718|
|||**`2025`**
**`2024`**
£
£
16,774
16,992
42,762
7,670
33
33
12,121
5,235
51,305
91,166|
|||122,995
121,096|
|||**`2025`**
**`2024`**
£
£
161,908
177,701|
||||
- 38 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **18 Loans and overdrafts**
|Long term housing loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments|**`2025`**
£
178,682
16,774
161,908
102,597|**`2024`**
£
194,693|
|---|---|---|
|||16,992
177,701|
|||105,840|
The long-term housing loans are secured by specific charges on the Charity's housing properties.
The Charity has loan facilities with the Norwich and Peterborough Building Society and Rutland County Council. The loan facilities are secured by specific charges on the Charity's housing properties.
There are two loans with Rutland County Council. One is a fixed rate loan which is repayable at a rate of 12% per annum, the other has a fixed annual capital repayment with interest calculated at prevailing local **government rates.**
The remaining loan with the Norwich and Peterborough Building Society is repayable at a variable interest rate based on UBOR plus a margin of 1.25%, subject to a minimum interest rate of 4.2%.
The two loans outstanding with Rutland County Council totalling £108,373 (2024: £109,846) are due to be fully repaid in 2048 and 2052 respectively. The loan of £55,309 (2024: £67,346) outstanding with Norwich and Peterborough Building Society is due to be fully repaid by 2028.
The charity has a loan from The Almshouse Association repayable over 10 years totalling £15,000 (2024: £17,500) which is repaid in six monthly instalments and due to be fully repaid in 2031. The loan is interest free and unsecured.
## **19 Lease Commitments**
|The future minimum operating lease payments are as follows:
Within one year
Between one and two years
Between two and five years|**`2025`**
£
18,332
18,332
67,217
103,881|**`2024`**
£
12,221|
|---|---|---|
|||12,221|
- 39 -
## THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN **OKEHAM**
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## _FOR THE YEAR ENDED 31 MARCH 2025_
|**20**|**Analysis of net assets between**|**funds**|||||
|---|---|---|---|---|---|---|
|||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**Total**|
|||**funds**|**funds**|**funds**|**funds**||
|||£|£|£|£|£|
||Fund balances at 31 March||||||
||2025 are represented by:||||||
||Tangible fixed assets|6,018|||5,393,045|5,399,063|
||Investments|||472,341|5,663,209|6,135,550|
||Current assets/(liabilities)|680,621|481,284||(16,774)|1,145,130|
||Creditors due after one year||||(161,908)|(161,908)|
|||686,639|481,284|472,341|10,877,571|12,517,835|
## **21 Designated funds**
|Cyclical maintenance fund
Extraordinary repairs fund|**Balance at**
**Transfers**
**Balance at**
**1 April 2024**
**31 March 2025**
£
£
£
98,980
98,980
382,304
382,304
481,284
481,284|**Balance at**
**Transfers**
**Balance at**
**1 April 2024**
**31 March 2025**
£
£
£
98,980
98,980
382,304
382,304
481,284
481,284|
|---|---|---|
|||481,284|
## **22 Endowment funds**
|**ndowment funds**||||||
|---|---|---|---|---|---|
|||**Depreciation and**||||
|||**loss on disposal**||**Revaluations**|**Balance at**|
||**Balance at**|**of land and**||gains and|**31 March**|
||**1 April 2024**|
**buildings**|**Transfers**|losses|**2025**|
||£|
£|£|£|£|
|Permanent endowment fund|10,788,362|(207,914)|195,179|101,944|10,877,571|
During the year the charity transferred permitted expenditure of £207,914 from the endowment fund to unrestricted funds, relating to the depreciation and loss on disposal of endowed assets. Each year, a transfer of funds from unrestricted funds to the endowment funds is made to represent the cost of fixed asset additions or improvements to the endowment asset
- 40 -
## **THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **23 Restricted funds**
|**Restricted funds**|||||||
|---|---|---|---|---|---|---|
|||||Decrease in||**Balance at**|
|||**Balance at**||**value of**||**31 March**|
||**1**|**April 2024**|Income|investments|**Transfers**|**2025**|
|||£|£|£|£|£|
|Recoupment fund||478,805||(7,066}|602|472,341|
## **24 Capital commitments**
The aggregate amount of capital commitments at 31 March 2025 relating to the acquisition of tangible fixed assets was £75,000. There were no other capital commitments at the year end.
## **25 Prior period restatement**
Fixed term cash deposits amounting to £74,887 as at 31 March 2024 have been reclassified from cash at bank and in hand to current asset investments. There is no impact on total funds at 31 March 2024 as a result of this reclassification.
- 41 -