COLTON'S HOSPITAL CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity Numb8r 221281 Charity cor￿1$s1On Scheme Dated 28 April 1980 Registered Sooal Landlord numbar A3033 Fi•RTUS COLTON'S HOSPITAL CHARI INDEX PAGE TRUSTEES REPORT INDEPENDENT EXAMINER'S REPORT STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF CHANGES IN FUNDS STATEMENT OF FINANCIAL POSITION STATEMENT OF Q4SH FLOWS NOTES TO THE FINANCIAL STATEMENTS 9-12 DETAILED INCOME AND EXPENDITURE ACCOUNT 13 COLTON'S HOSPITAL CHARIT TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEIIBER 2023 REFERENCE AND ADMINISTRATIVE INFORMATION Charity n￿n￿r.. 221281 Register&J s¢xial landk)rd numb8r.' A3033 The derk of the charity and th8 princip31 office:_ The bankers ofthe charrty a￿... Mrs E Faiers 59 Windmill Lane York Y010 3LG CAF Bank Limited POBox289 Wesl Malling ME19 4TA Th8 nvesknenl manwJers ofthe tharity are.'- CCLA InVest￿nt Management Ltd Senator House 85 Queen Victoria St London EC4V 4ET dependent exaniner ofthe charity is.'- F Hward Fortus Limited Equinox House Clifton Pa* Av￿u0 Shiptcfj Roaj Yorf( Y030 SPA Man¥Jement structure The trustees of ts thwity are.'_ Ms D Boylg Mr5 E J Sinanan Mrs L E Will(Nison RevereThY O S Blsby Dr M Tyler MsLACox Dr J Issitt RevereThJ N Jenkins {AppOint￿ 6 Fetruary 2023) (Resigr￿￿ 6 FetKuary 20231 STRUCTURE, GOVERNANCE AND MANAGEMENT The charily was founded by Deeds of 10 and 11 FelKuary 1717 and set up by the Chanty Commission Sch8m8 of 28 April 1980 as amended by rescAution alopted 16 January 2011 to alminister the almshtyjses arKI investments. OffJanlsation The truste0$ consS8l of eight persorks. th& majority of whom must be members of Th& St Savicwrgale Unitarian CWel Ch81ity. Others may be appointed from the communty lrtal to the almshouses. In 2023, the trustees met fwe Imes in general me8lings alld ￿ spxial meetlngs as well 05 scffle elecaronic COMMUn￿tIOnS in order to administer the Trust. The charity 15 registered with the Regulator of Social Housing and is a member of The Independent Housing OmbL*Jsman Schome. The Twst is also a member ofthe National Almshouse ASs￿lation. COLTON'S HOSPITAL CHARir TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued) OWECTIVES AND ACTIVITIES Oblects of tho charlty The obj'ect of the Trust is the pmwston and maintenance olth8 12 almshouses kntrwn as Collon's Hospital siiuated ' Shipton Street, York. The qualth"catiDn residence is that an applicant should b8 a 'poor woman". The trustees regulations al present state that applicants Should be aged 55 years eK over. There are no restrictions in terms of religous affiliatic￿ or marital stattjs. Actlvities of the charity The quality of ￿)MmOdatIon ava￿ablet0 residents has been mainta*ied at a high stsnd8rd wth in partlcular seM¢e and maintenance agreements in pL9c8 fly the gas c8ntr81 heating systems. fires and 8lec*ri¢ showers. The ITU5tees have undertaken an a$s￿Me￿ and confwmed the trust'$ o)mpliance with the governance and financial viab￿llY starKJard. Investment pollcy The trustees have cffisidered the most appropriate policy ft)r inveslment funds 8nd hav8 found that speGialised unlt trusts. designed for the charity sector. meet Ihetr r￿Uirem￿nIS lo generate capttal growth. P￿11¢ benefrt Thè trustees conffirm that they have referred to th8 guidance contained in the Charity Commission's g?￿ra1 guidance on public benefit ￿en reviewng the trust's aNns and objectives and in exercising their powers or dubes. ACHIEVEMENTS AND PERFORMANCE Overlhe past yearthe trustees have maintained their interest in tha we￿aT8 an¢J needs ofthe residents. The main wotk carried oth during 2022 was the ccynpletion of rellovation of Cottage 12, dug a trench arrAJnd the outside wall and filled with gravel in line ￿1th the last survey. They cL)ntinug lo battl8 with a damp issue wilh some prq)erties. Various other work was cwried oul as wefi as routin8 nwintenance. VALUE FOR MONEY MEfRICS This is 8 rw4uirement of the Regulator of Socral Ho￿l￿j. 2023 2022 NHP Reinveslmenl New su sticial housin units News NOn￿￿tal housin Gearin EBfTDA MRI interest cover Headline soual housin Operating margin 18ocial houslng lettin units 622 479 45 128 r unlt 2,843 33 36 19.8 ma Retum on ca overall f(al em 33 36 'Nalional figures provided by the Nth'cmal Housing Federation - 2023 data COLTONE HOSPITAL CHARfTY TRUSTEES REPORT FOR THE YEAR ENDED 310ECEMBER 2023 <¢ontlnued) FINANCIAL REVIEW The Icrtal comprehensive income for the year was £39,29712022: expenditure £3,305). ￿￿trIbUtIor￿ from resldents has decreased to £46,653 frorn £47.468. Rep3iTS have increased to £19.739 from £17,575. repai￿ induded conlinuiThJ refurbishment to cottage 12 whith began in 2022. digging of a trench around th8 outside of the cottages further lo edvice frLKm a SLwvey in the wevicw year and various garden rnaintenance. plumbing and heating work Re8èThes pollcy The currentlgvel olfree reseryes is £56.313 (2022.. £38.2951 after deducting designated funds and fLxed assets. Reserves we maintained n aco)rdanGe whh the r￿mmendatior&S of The Almshouse Ass￿latIOn. Two fvnds mairtained: (al The Extrac¢dinary Repair Funij (ERFI is for the purpose crf meeting major Items of rewr and invested in aC￿mUlatIon wits of the COIF Chartttes Investment Fund, ethical investment awmulaled and ineoTh units. {b) The Cydical Mant8nance FurKI ICMF} is fcf the purpose ol meeting rnainten8nc* costs of a regular nature other th8n annual coas and is held on dep)5il in the COIF deposit account and COIF investrnenl )lJrbd. Trustee's rosponslbllliles The tfuslees are responsible for preparing the report and financial statements in accordance with applicable law and regulations. The registered soclal housing legislation require the Irust88S to prepare financial $latement8 for financial y8ar which give a true aThJ fair vi&w of the state of affai￿ of the charity and of ils income and expendllure for that riod. In prepariw the financial statements the trustees are wuired lo.'_ Select si¥tabl& aLU)unting pollcies and apply them rnnsistently.. Mak@juthJements and estimates Ihat are reasonebl8 and pnjdenl,. Statè whether appthcab18 ￿cOUntIng standards have been followed, subjett to any material dep8rtures dlsdosed and gxplained in the financial stat8ments,- and prepa￿ the financi?14aements on a g(Mng ct)ncem basis unless it is inappr¢priateto wesumethatlhecharity will continu8 in busings& The trustees are respk)nsible for keeping proper accounting records which disclose with reasonable accuracy at time the financial ptssitiL￿ ofthe charity and to enab￿ it to ensufe that th8financial statements ccffipty with the Housing and Regeneration Act 2008 and The Accounting Diredon for private registered providers of sctial housing in England 2022. They have general reswmsibilty for t￿1￿ reasonable stèps to safeguard the assets oflhe tharity and detert fr￿d and other iffegularrknes. Approved by the trustees on 9 Septemter 2024 and slgned on behaw of the trustees Trustée Trustee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLTON'S HOSPITAL CHARITY YEAR ENDED 31 DECEMBER 2023 I report to the charmy trustees on my examinalk)n of the ac(XJunts of the charty for the year ended 31 De￿mber 2023 which com(￿Se the statement of comprehensive income. statement of thange in fuTrJs, statomenl of finarKHI positic￿, state￿ent of ¢ash fflows and relevant notes. Respectivè rnspon$lblliti•s ofthe trustees and reportkng aGcountsnts The trustees of the Regi%tered Social HcAising Provider are responsible for the preparation of the 8ccounts, and they consider that the Regisler8d Social Housing Provider is exempt from an audFt. 11 is our responsibilty lo ¢arry out procedures designed to enable us lo report our opinion. 8asl8 of oplnlon Our procedures consisted ol comparing the accounts ¥￿th the accounting records kept by the Registered Sodal Housing Provider and making such ewuiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provKle the only essurance expressed in our opinlon. Oplnlon In our opinion.. tho accounts for y8ar ended 31 December 2023 are in accordance with the accounting records kept by t Registered Social Housing Prowder under paragraph 135{2)lal of the Housing and Regeneration Act 2008,. having regard only to, and on the basis of the information contained in the accomting re￿rds. the accounts comply with the requirements of the Charities Act 2011.. the Registered Social Housing Promder has satisfi8d the conditions for exemption from an audit of the accounts for the yeai ended 31 Decembèr 2023 s￿lfied in seCt￿n 13613) olthe Housing and Regengralion Act 2008., th6 accounts comply wli h the requlrements d the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of soc181 housing in England 2023. ard Fortus Limit8d Equinox House Clifton Park Avenue Shiplon Road Yotk Y030 SPA Dat8.' 16 Septembgr 2024 GOLTON'S HOSPITAL CHARir¢ STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER2023 Note Year ended Year ended 31 D￿ember 2023 310ecember 2022 Tumover 46,658 47.468 Operaling expenditure (34.055} 130,390) Op•Trtlng subplu￿{dOficIt1 12.603 17,078 Interest recewab 3.033 Movement in fair vaue offinancial instruments 22.517 123,4161 Total ¢omprnh•nsiv• incom9l(eXp￿d1tUrg) for Ihe year 39.624 3,3051 Balance al 1 January 2023 274,025 277,330 alance al 31 December 2023 313,649 274,025 ApFmed by the Iru51ees on 9 Se4kntw 21Y24 and signed on behalf cl the trustees Tnjslee Tnjslee COLTON'S HOSPITAL CHARITY STATEMENT OF CHANGES IN FUNDS YEAR ENDED 31 DECEMBER 2023 Bal￿Ge al Gains on Balance at January 2023 IrKome Expgndilure Investments Transfers December 2023 Inc¢xne and expenditure reserve 44,835 47,984 134,055> 1,237 60,001 Des￿?nated Cyclical mainlenanrE futxl 74,974 3,178 3,222 81.374 Extr80rdinary repairfund 154.216 18,058 172.274 274.025 51.162 {34.055} 22.517 313,649 Thg cyclt81 maintenance furKI is lo meet maintenance cosl of a regular nature othei than annud cc6t8. It is represented by.. 2023 2022 Cost of fixed investments Investment revaluatN)n 26,000 10.022 26.000 36.022 32.800 Short term investrnents 45.352 42,174 Total 81,374 74,974 The 8x1raordin￿ repair fund Is a reservg for exceptional mainlenarKe projects. 11 is represented ty: 2023 2022 Cost of inveslmenls Investment revaluallon 69.904 102.370 69,904 84.312 Total 172,274 154,216 COLTON% HOSPITAL CHARITY STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2023 Not8 Yeai ended Year ended 31 D8cember 2023 31 December 2022 Flxod assets TatvJible fixed assets 6.540 6.540 Investments 222,150 199.633 22&690 206,173 Currgnt assrts Debtor5 3.562 3,485 Inv&stmenls 45.352 42.174 Cash and cash equNalent8 40.684 31,343 Total current assets 89,598 77,002 Lv3s.' Credil(Ys.' amounts falllng due wkhin c￿e year (4,6391 19,1501 Net oJrrent assets 84,959 67,852 Total net assets 313,649 274.025 Resory•5 Incom& and exFendrtwe reserve 60.001 44,835 Designated reserv&s Extraordinary repair fund Cycliral maintenance fvnd 172.274 81,374 154,216 74,974 313.649 274,025 Th& financial statements wgre approved and aulhorised for Issue by the trustee5 on 9 September 2024 and shJned on beha￿Of th8 trustees Trustee Trustee The notes on pages 9 10 12 fomi m of these accounts. COLTON'S HOSPITAL CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Year ended Year ended 31 December 2023 310￿ernber 2022 Not cash gengratod from opernllng acllvltiès 12.519 15.492 Cash flow from investing acllvitios Int￿eSt receN {3,1781 11,740) 9,341 13,752 Transfer froml{lo} investments 115.(KK)I N•t change loutyln cash and ca$h equlvalents 9,341 11.2481 Cash and cash Èquivalents at beginnlng of th• year 31,343 32,591 Cash aThJ cash equlvalents at end of ihe year 40.684 31.343 NET CASH GENERATED FROM OPERATING ACTIVMES Year ended Year ended 31 December 2023 31 D￿ember 2022 Operating Ideficitysurplus the y8ar 12,603 17.078 Adjustments for norFcash items.. (Inueasel decrease in debtors Increase IdecTrase} in cyeditrxs Interest received (77} (4.5111 {232) 14,387} 12,519 15.492 COLTON'S HOSPITAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2023 PRINCIPAL AccouKfiNG POUCIES CHARITY INFORMATION co￿on'3 Hospital Charity is a charity reglstered with the Charity Cornmission for England Wales. BASIS OF PREPARATION The financAal statements have been prepared in accordance wilh applic8bl8 accounting standards including Financial Reporting Standard 102 The Fin8ncial Reporting Standard Applicable in the UK and Republic of I￿14nd IFRS 1021, the Stalemenl of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private regisler8d providers of social housing in England 2022. The financial statemenlg are also prepare(J under the requirements ol the Housing and Regeneration Act 2008. The charity is a Public 8enefit Entity a$ defined by FRS 102. The financial statements hav8 been prepared on a going concem basis und¢r the historical c05t convention, modrfied lo inclLKle cerlain items at fair valua. The fi'nanckgl ststements are prepared in sterting, whth ig the functional curiency of the charity. The signfficanl aeccwnting poI￿leS applied in the preparation of these financ181 statements are set OLrt below. These policies have been consistently applied to all years presented unlass otherwise stated. The requirements of the SORP.. Accounting ty Registered Sockql Housing Providers 2022 relating lo component accounting has not be8n lollowed by the trust8es as they do not f￿1 that il would add any tse￿rrt fry the useis of the a(uunts. GQING CONCERN At Ihe lime of ap[￿VIng Ihe financial statements, the Iwstees have a reasonable expectation that the C￿￿rity has ad8quale resourc8s to Continue in operational existerKe for the foreseeable fU￿re. Thus the truste8s continu8 lo adopt the gofng concern basis of ￿)unting in tKepariry the finanlial slatemenls. TANGIBLE FIXED ASSEfs AND DepRECIAlloN Freehold land is not dgKKeciated. Depreoation ol other assets is calculat8d lo write off the ex¢%ss of cosl over ￿tIMated residual amount even￿ over Ihelr expected useful lives as follows subject lo annual revlew.. Freehold buiklings 2% Straight linè INVESTMENTS Fixed ass8t investrnents are Initially measured al transaction price exduding Iransathon costs, and are subsequently measured 8t fair value al each retorting date. Changes in fair valu& are recognised in not incomel{expendilurel for the year. Transaction costs are exponsed as i[￿ulr￿. TURNOVER Turnover represents residents, contributlons and dOnatK￿ receivable for the year. HOUSING ASSOCIATION GRANTS Housing Association grants are paid by The Housing Corporatw)n to re(iuce the cost of devek)pment and is therefor& S￿wTh as a dedl￿ron from the cost of housing prO￿rtieS on Ihe balance sheet. Housing ASs￿l811c￿ grants are repayable under certan circumstances. primarily following th8 sale of a woperty, but will nom)8lly b& restrrfrd to net proceeds of a sale. OTHER GRANTS Other grants are ir￿lUded on a recelils basss and matched against any Djsts lo whKh Ih8y relate. 10- COLTON% HosprrAL CHARrrY NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2023 {C•)ntlnued) PRINCIPAL ACCOUNTING POLICIES (Contlnued) FUND ACCOUNTING Unrestricted fwds can be in actordance ￿th the charit&Ae otyedwes al the discrption (rfthe twstees. Dgslgnalgd res•Jv Da8bJnated reseNes we part of unrestricted reserves which have been earmarked by the board for a particular purpose. Such designations may be reversed by future bc¢rd ijecisions. Expenditure ¢annot be directly set against designaled reserves, but r( can be taken through the Incorne and eX￿￿vre account Atransfer is th8n madg from desb3nated 1gserYes as a[￿¥roPriate. The trust designated IFK)se reserves setaside forfuture major re￿IrS on all of its housing properties. The amounts set aside are based on a stcxk condition survey of the tmsl's housing properties and represents the expenditure that caM(rt be met from the trust's fijlure rental income stream. The designated reseNe is the amouni that the board estimates Ss required fL¥future major ropair$. FINANCIAL INSTRUMENTS The charity has elected lo appty the provisions of Section 11 'Basic Financial Inslrumerts. and Section 12 Dlher Financial Instwrrterts Issues, of FRS 102 to 011 ￿ its financial instruments. Instruments are recognised in the chariiy's baknce sh88t wh8n the charty becomes paty to ihe contractual prOMsiL￿S of the instrument. Financial assets and liabliues are offset, wilh the net amounts PTeSgnled in the financ4alstatement5. when there 15 a legally enforceable right lo set off the re￿nised amounts and there s an intenlK to setue on a r*t basis CY to realise the asset and settle the liability sImurtan￿usIy. Basicfinanryal assets. which indude debtors and cash and bank balances, are initlavy measured at transaction price. Cash and equivalents include cash in hand and deposits held at call wfth banks. Ba￿¢ financHI liabilits'es, Ir￿luding uedrtors are Initial￿ recognk%ed at Irans*ion price. Amounts payable are classified as currenl l￿bilItIeS rf payment is due wthin one year or less. If not. they are prese*nted as rKTrcurrert 1kgb1ltt￿. TURNOVER 2023 2022 Contribution$ from ￿Sidents 46.653 47,468 Donalic 46.658 47,468 Void losses during the year amount to £4,603(2￿. £4,194) for renlal ir￿(¥￿t lost where property not let although availablafor btting. IiirEREST RECEIVABLE AND SIMILAR INCOME 2023 2022 Othw des))sf( interest COIF investment income divijends 3.242 1,262 361 2,672 3.033 11 COLTON'S HOSPITAL CHARr NOTES TO THE FINANCIAL STATEMEKfs . 31 DECEMBER 2023 {Contlnu•dl TRUSTEES AND RELATED PARTY TRANSACTIONS No trustees nor any per$c￿S connectsd wf(h them ￿Ned any remuneration lor their Serv￿ lo the charity during thi8 or the preceding year. No Injstees (2022.. nlll recelved any reirnbursemenl for expenses inoJThed during the ye8r12022.. £nill. The derk to the trustees 12022'.11 receNed reimbursem8nts for È2.952 of hr￿OrariLKn expenses12022.. £3.03518nd £129 of travel expenses12022.. £1001 incurred &Jring year. The lerf('s total trk)n0rari￿n plus expens85 plus traver was £3,08112022: £3,135k There was £1.707 12022: £nil) outstanding to C￿rk at the year end. ACCOUNTANCY FEES The independent examiners also prepare the accounts for distributic￿. Th8 fe8 for the independent exwnination is £1.63212022.. £1.5351. These figures are inclusive of VAT. FIXED ASSETS - TANGIBLE Free*￿Id Property At 1 January 2023 and 31 D8￿mber 2023 Less.. Housing ASS￿181$(￿ grants 133,578 {127,038) Adjusted rEt cc6t 6.540 The freehokl property consists of 12 afmhjuses al Shipton Street, York The original eDst is unknown, so tho cost sh¢Mn above rel*es to additions to the scheme. A first legal charge on freehold propety is held by the H¢yJsing CorForation. FIXED ASSEfs- INVESTMENTS 2023 2022 At 1 January 2023 199,633 223,048 Gainllloss) In the year 22.517 {23,416) Al 3108rnnb8r 2023 222,150 199,632 Inv8slments at market value comprised.. UK equities 222,150 199.633 HIstr￿(al cost a5 al 31 D￿embor 2023 1U5.904 105,9LM DEBTORS 2023 2022 Rent recewab Other debtors Prepayments 2,018 2,000 30 1.455 3.562 3,485 12- COLTON'S HOSPITAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - 310ECEMBER 2023 (Continuodl CREDITORS 2023 2022 Trade crthyrtors Other creditors AccruaLs Deferred ints)me 294 2.143 7.279 62 1,455 354 354 4,639 9,150 Deferred income relates lo wident ￿ntribUtiOn paid in 8dvance.