Charity registration number 247336 FRIENDS OF LEWES VICTORIA HOSPITAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FRIENDS OF LEWES VICTORIA HOSPITAL LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr S J B Baillie-Hamilton Ms J Clark Dr R Ross Mr C Kneale Ms C Ferguson Mrs J A Mcclelland Mrs D Freestone Mrs S Pearson Mrs L Walton Mrs J Sallis (Appointed 24 April 2023> (Appointed 18 March 2024) Charlty number 247336 Principal adsS Nevill Road Lewes East Sussex BN71PE Independent examiner Knill James LLP One Bell Lane Lewes East Sussex BN7 1JU Bankers Bardays Bank PIC Leicester Leicestershire LE87 2BB Investment advisors Charles Stanley & Co Ltd 14 Hyde Gardens Eastbourne East Sussex BN214PR
FRIENDS OF LEWES VICTORIA HOSPITAL CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 9-15
FRIENDS OF LEWES VICTORIA HOSPITAL TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charily's governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities: Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 2019}. Objectives and activities The principal objectives as defined in the Constitution of the charity are'.- a) To mobilise, encourage, foster and maintain the interest of the public in the patients and staff and support the work of the Lewes VIGtoria Hospital by means of voluntary service. b) To mainlain the relations and association which exist between voluntary bodies and the Lewes victoria Hospital and to provide opportunity for such voluntary bodies to continue their activities for the benefit of the Lewes Victoria Hospital. c} To provide funds for the purpose of supplementing in such manner as the Friends of Lewes Wictoria Hospital think fit the resources of the hospital and local healthcare providers that support it d) To recruit and assist in the recruitment of voluntary workers in and for the hospital. Funds are raised from fundraising events, collecting boxes located in the area, by donations by cash. via BACS, cheque or standing order and via the Friends of Lewes Victoria Hospital (FOLVH) website which provides facilities to donate online. A contadless card donation unit has been installed at the Urgenl Treatment Centre and additional ways of making it easier for donors to make donations contsnue to be explored. FOLVH also benefits from legacies and donations made by patients at the Victoria Hospital and by their relatives. Vvhere the availability of NHS funds allows, major projects and purchases are financed jointly with the controlling NHS Trust. FQLVH operates a policy whereby it does not finance any item or projecl which would commit the charity to an ongoing funding requirement since there is no guarantee of future income to cover such costs. These are considered to fall under the heading of 'revenue' expenditure and are considered to be the responsilility of the controlling NHS Trust. They would include such items as ongoing maintenance contracts for equipment purchased and Ihe employment of staff. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. During the year FOLVH paid for Intermediate Care Unit replacement conservatory and landscaping - £96,779 Oulpatienl and Theatre Waiting Room chairs £5,340 Garden furniture - £708 Bedside cabinets- £8,231 Paintings in Hospital rental £3,024 Staff Christmas Hampers- £701 FOLVH has also committed to fund: Topcon OCD Machine for ophthalmic clinic- £29,216 RiserlRecliner chairs - £4,450 Operating Trolleys x 2 - £18,228 Replacement DXA scanner- £68,950 Operating theatre lights and camera - £29.209 PCN testing device - £6,600
FRIENDS OF LEWES VICTORIA HOSPITAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Reserrfes policy With the exception of the Beatrice Braban endowment, the net assets of the Charity are held as unrestricted funds other than a proportion which may, at Ihe discretion of the Trustees, be held in a period investment The Trustees recognise that the policy should reflect the ongoing and long-term nature of the charity and, as such, have carried out a review of the likely costs of running the charity. Following this review, the Trustees consider that investments should be held at a level to ensure that they would have adequate income to maintain the running of the charity. The Trustees are actively working with the management of Lewes Victoria Hospital and with the Trusts contracted to run services at Lewes Victoria to establish the utilisation of unrestricted funds over and above the requirement that is necessary to maintain the running of the charity Investment Pollcy Prlncipal Objective The principal investment objective of the FOLVH is to maintain a balance between income and capital growth of funds bequeathed or donated and to ensure funds are readily available to meet projects which it decides to support. The income requirement should not erode the potential to maintain or increase the capitsl value in real terms. Investment Management The investment portfolio is managed on a fully discretionary basis by Charles Stanley & Co Limited (Charles Stanley) who act as the Trustees nominee. An investment risk assessment has been undertaken in conjunction with Charles Stanley which has concluded that a MediumlLow risk approach should be followed. Funds are held within a broad portfolio of investments and cash deposits in order to spread risk and allow a quick response to market changes. An investment manager from Charles Stanley attends meetirtrgs of the Finan Committee to review the investment portfolio and risks, present investment management reports and provide valuations. Beatrlce May Braban Endowment Funds are applied for the benefit of the hospital in accordance with the Will of Beatrice Braban, which requires the capital sum to be invested and only the income used for the benefit of the hospital. Investments are managed as part of the charity's overall investment portfolio but ring fenced and kept separate. The value of the investments and the income arising from them are separately reported. Decision Making and Implementation The Finance and Risk Committee (comprising the Chair, Treasurer and other members of the Executive Committee) meets lce a year to review how investments are managed within the overall framework of the investment policy, in conjunction with the investment manager from Charles Stanley. The financial position of the charity is reviewed at each Executive Committee meeting. General At least £500,000 in investments or cash which can be realised on giving no greater than 3 months. notice without significant penalty is maintained. Ethlcal Restrictions Investments in companies with significant involvement with the tobacco, gambling or arms industries are avoided wherever possible. Reporting Charles Stanley provides online facilities to allow the Treasurer to view details of the investment portfolio, its value, dividends paid and management charges incurred. Statements of account, valuations and other reports are sent regularly to the Treasurer throughout the year. Trustees receive quarterly investment perforniance reports. Investment Statements and reports as required for examination of the annual accounts and the Annual Report are also provided.
FRIENDS OF LEWES VICTORIA HOSPITAL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Rlsk Management Trustees collectively manage risks through the Executive Committee and in accordance with the Risk Management Policy. A register of risks is maintained and Trustees aclively review the major risks which the charity faS at each Finan and Risk Committee and Executive Committee meeting. If required, outside professional experts are engaged to advise how mitigation of risks that fall beyond the knowledge and experience of Trustees should be managed. The Trustees have also examined other operational and business risks fad by FOLVH and confirm that they have established risk management systems to mitigate significant risks. Trustees consider that maintaining the level of the free reserve5, professional management of its investment portfolio combined with quarterly reviews of financial performance will provide sufficient resources in the event of adverse conditions. Plans for future periods NHS Sussex was established in 2022 as an Integrated Care Board {ICB). The ICB is responsible for inproving the way the NHS plan and pay for local servIs, and better support local health and care organisations to give people the care they need. NHS Sussex fomis part of Sussex Health and Care, a new Integrated Care System that aims to help.. Support people to live for longer in good health. Make sure our disadvantaged communities get the care they need. Improve people's experience of using services. Better support health and care staff. Make better use of resources available. The ICB is responsible for commissioning all Community Care services in our area and the delivery of services at the Lewes Victoria Hospital is currently provided by The Sussex Community NHS Trust (SCT), University Hospitals Sussex NHS Trust (USH) and East Sussex Healthcare NHS Trust IESHT} NHS Property Services Ltd own the premises and are responsible for maintaining them_ AII NHS Trusts continue to face a challenging financial climate and the role of FOLVH in providing funds for improving facilities, services and equipment at the hospital remains vital. FOLVH will continue to maintain close links with the SCT, USH, ESHT and all other Service Providers at the Victoria Hospital and Lewes Victoria Hospital personnel in order to determine priorrties for the expenditure of the charity's fvnds. The overall aim will however continue to be to help the Victoria Hospital to remain Ilexible in its ability to provide the most effective, efficient and up to date treatmenvservice for the local population as possible. Following the 21 June 2022 amendment to the Objects of the charily, approved by the Charity Commission, fvnding has been extended to projects promoted by local healthcare providers that support the hospital and ftjnding of fijrther community projects is being explored. th the increasing demands on the healthcare service and the cost of living impact. it is essential for Trustees to review their approach and ensure they continue lo provide support to improve the health of our commmity A three year strategy has been developed and approved by Trustees. The Strategy sets out how FOLVH will adapt from a Chartty that has operated within a largely stable NHS service environment stsffed by a local clinical Community, to a more of a transient 'Health Hub, NHS services model. The Strategy aims to continue to deliver Ihe purpose set out in the Constitution by carrying out the following.. Adapt to raise funds in a more competitive fundraising environment Adapt how we collaborate with NHS Trusts based on the move to more business like large centralised organisations Increase the visibility of the benefits of the hospital including the role of FOLVH in the local community Expand our support to wider care services that aim to prevent poor heath or improve health outcomes induding a new direction of a wider speclrum of health and social care Adapt our policies to meet the new direction of the Chartty in line with Charity Commission guidelines Support the Trustees and Volunteers to meet the new challenges
FRIENDS OF LEWES VICTORIA HOSPITAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, report was approved by the Board of Trustees. Mrs L Walto Trustee Date..
FRIENDS OF LEWES VICTORIA HOSPITAL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The trustees act under the 'Objects and Rules, of Ihe League of Friends adopted 7 March 1966 as amended 29 May 1997, 27 May 1998 and 25 May 2016, 21 October 2021 and 21 June 2022. The Irustees who served during the year and up to Ihe date of signature of the financial statements were.. Mrs P Richards (Resigned 19 July 2023) Mr S J B Baillie-Hamilton Ms J Clark Dr R Ross Mr C Kneale Ms C Ferguson Mrs J A Mcclelland Mrs D Freestone Mrs S Pearson Mrs L Walton Mfs J Sallis (Appointed 24 April 2023) (Appointed 18 March 2024) The Trustees are the members for the time being of the Executive Committee of FOLVH. The Chair is appointed initially for a term of 5 years, which may be extended for a further term of 5 years or on an annual basis at an Annual General Meeting. The Treasurer of the FOLVH is elected at an Annual General Meeting and is a member of the Committee, which fixes the period of their appointment. The Committee may at any time remove the Treasurer from office and appoint some other person in their place. Upon election, a new Trustee is sent a copy of the Charity Commission's publication "The Essential Trustee, What you need to know" which explains their duties as a Trustee. They also receive a copy of the charity's Annual Report and Financial Statements, the Financial Policy. the Investment Policy, Risk Management Policy and Serious Incident Reporting Policy, together with a verbal inlroduction to the workings and objectives of the FOLVH. Atour of the Vicloria Hospital is organised by arrangement with the Hospital management to meet the staff and to ensure familiarity with Ihe facilities, the current and anticipated pattern of health care provision at the hospital and any known needs with which FOLVH may be able to assist. The Treasurer Presents an interim financial investment statement. financial analysis and commentary lo the quarterly Executive Committee meetings where any applications from the hospital management for funding are considered. Decisions are confirmed in writing. Additionally al the meetings, the Truslees agree the broad strategy and areas of activity for FOLVH. Specific consideration is given to the current financial status of FOLVH, risk management. fund raising activities, organisational matters, and any per1Ved changes in the pattern of need or giving and to matters relating to the NHS structure andlor service provision which may impact on the activities of FOLVH or calls on its funds. A Finance and Risk sub-committee is appointed by the Trustees to assist the Treasurer in reviewing the risks to investments, the level of cash funds and. following consultation with the charity's investment advisers, proposing to Ihe Trustees recommendations for any change in the overall investment strategy. FOLVH has implemented an Investment Policy, a Finanaal Policy, a Risk Management Policy and a Serious Incident Reporting Policy, which set oul the internal financial and management controls for the charity- Each policy is subject to review on a regular basis. FOLVH is a member of the National Association of Leagues of Friends.
FRIENDS OF LEWES VICTORIA HOSPITAL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF LEWES VICTORIA HOSPITAL I report to the trustees on my examination of the financial statements of Friends of Lewes Victoria Hospital (the charity) for the year ended 31 March 2024. Responslbllltles and basls of report As the trustees of the charity you are responsible for the preparation of the financial ststemenls in accordance with the requiremenls of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under seclion 145 of the 2011 Act. In carrying out my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b} of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounling and Reporling by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in Pfeference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial stalements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the fom) and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I hav sho no con dbed nsan in thi have come across no other matters in connection with the examination to which attention report in order to enable a proper understanding of the financial statements to be reached. Nicholas Rawson FCA Knill James LLP One Bell Lane Lewes East Sussex BN7 1JU Dated: . IoL4
FRIENDS OF LEWES VICTORIA HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Other trading activities Investments 9,993 8,193 70,035 9,993 8,193 70,035 21,172 1.646 48,551 21,172 1,646 48.551 Total Income 88,221 88,221 71,369 71,369 Expenditure on: Raising funds Charitable activities 13,505 151.332 13.505 151.332 13,732 (12,701} 13,732 (12.701) Total expenditure 164,837 164,837 1,031 1,031 Nel gainsl{lossesl on investments 43,212 9,364 52,576 {103,447) {20,589) 1124,036) Net sncomel(expenditure) and movement in funds (33,4041 9,364 124,040) {33,109) 120.5891 153,698) Reconciliation of funds: Fund balances at 1 April 2023 1.901.172 240,500 2,141,672 1,934,281 261.089 2,195,370 Fund balances at 31 March 2024 1.867.768 249,864 2,117,632 1,901,172 240.500 2,141,672
FRIENDS OF LEWES VICTORIA HOSPITAL BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Investmenls 11 1,661.545 1,614,412 Current assets Debtors Cash at bank and in hand 12 3,368 622,108 2,154 661.323 625,476 663,477 Creditors: amounts falling due wlthln one year 13 (169,389) (136,2171 Net current assets 456,087 527,260 Total assets less current liabilities 2,117,632 2,141,672 The funds of the charfty Endowment fvnds Unrestricted funds 14 249,864 1,867,768 240,500 1,901,172 2,117.632 2,141,672 The financial statements were approved by the trustees on If."7. LLI MrsL Trustee
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charlty information The charity is a registered charity constituted under the "Objects and Rules" of the League of Friends adopted 7 March 1966, as amended. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, 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). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 UpdaÈ Bulletin 1 r¢ot to prepare a Statement of Cash Flows. The accounts have departed from Ihe Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to entities applying FRS102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the tntstees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the twstees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the noles to the accounts. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally enlitled to it after any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiflAid or deeds of covenant is recognised at the time of the donation. Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and reIpl is expected. If the amount is not known, the legacy is treated as a contingent asset. Tumover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and servIS provided in the nomial course of business, net of discounts, VAT and other sales related taxes. 1.5 Expendlture Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The charÈty is not registered for vat and accordingly expenditure is shown gross of vat. Costs of generating funds - The cost of generating fijnds consists of investment managerfs fees. Charttable activities - Charitable activities include expenditure associated with the objects of the Charity and also include support Costs relating to these activities. Governance costs - Govemance costs include those costs incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements. 1.6 Fixed asset Investments Fixed asset investments are initially rneasud at transaction price excluding transaclion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Debtors Debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount repaid net of any discounts due. 1.9 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Income from donatlons and legacles Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts Legacies receivable 9,993 7,886 13,286 9,993 21,172 10-
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading actlvltles Unrestricted Unrestricted funds funds 2024 2023 Fundraising events 8,193 1,646 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Interest receivable 49,612 20,423 35,039 13,512 70,035 48.551 Raising funds Unrestricted Unrestricted funds ftjnds 2024 2023 Fundraisin nd ubli Other fundraising costs 1,519 3,624 Investment management costs 11,986 10,108 13,505 13,732 11
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable actlvltles 2024 2023 SeNices and equipment funded at Lewes Victoria Hospital Insurance Printing, postage and stationery 147,897 690 705 (15,779) 645 469 149,292 (14,865) Share of govemance costs 2,040 1,964 151,332 {12,701) Governance costs includes payments to the independent examiner of £2,04012023 £1,890) Trustees None of the trustees (or any persons connected with Iheml received any remuneration during the year. (2023 £nil). Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Galns and losses on Investments Unrestrfcted Endowment funds fvnds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Gainsl(losses) arising on: Revaluation of investments Sale of investments 48,406 (5,194) 10,264 (900) 58,670 (6,094> (76,107) (27,340) (15,141) {5,4481 (91,248) (32,7881 43,212 9,364 52,576 (103.4471 (20,5891 (124,0361 12-
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The chartty is a registered charity and under section 505(1) of the Income and Corporation Taxes Act 1988 is exempl from laxation. 11 Fixed asset investments Listed Investments Cash in portfolio Total Cost or valuation At 1 April 2023 Additions Valuation changes Movement in cash balance Disposals 1,585,816 249,338 58.670 28,596 1,614,412 249,338 58.670 112.726) {248.149) 112,726) (248.149) At 31 March 2024 1,645,675 15,870 1,661,545 Carrying amount At 31 March 2024 1,645,675 15,870 1.661.545 At 31 March 2023 1,585,816 28,596 1,614,412 12 Debtors 2024 2023 Amounts falling due within one year: other deblors Prepayments and accrued income 3,368 1.464 690 3,368 2,154 13 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 167,349 2,040 134,327 1,890 169,389 136,217 13-
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Endowment funds Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets fonn part of the fund. At 1 April 2023 Gains and At 31 March losses 2024 Pernianent endowments Beatrice May Braban Endowment 240,500 9,364 249,864 Previous year: At 1 Aprll 2022 Galns and At 31 March losses 2023 Permanent endowments Beatrice May Braban Endowment 261,089 (20,589) 240,500 The endowment fund is a legacy from Beatrice May Braban. Income from the investment will be used for general purposes, but the investment will be ring fenced and kept separate from other investments. 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated ftjnds which have been set aside out of unrestricled funds by the trustees for specific purposes. At 1 Aprfl 2023 Incomlng resources Resources expended Gains and At 31 March losses 2024 General funds 1,901,172 88,221 {164,837) 43,212 1,867,768 Previous year: At 1 Aprfl 2022 In¢omlng resources Resources expended Gains and At 31 March losses 2023 General funds 1,934,281 71,369 {1,031) (103.4471 1,901,172 14-
FRIENDS OF LEWES VICTORIA HOSPITAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024: Investments Current assetsl(liabilities) 1,661,545 206,223 1,661.545 456,087 249,864 1,867,768 249.864 2,117,632 Unrestricted Endowment funds funds 2023 2023 Totsl 2023 At 31 March 2023: Investments Cuent assetsl{liabilitiesl 1,614,412 286,760 1,614,412 527,260 240,500 1,901,172 240,500 2,141.672 17 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 15-