Hawkhurst Community Hospital League of Friends
TRUSTEES' REPORT AND FINANCIAL STATEMENTS 31 December 2023
Charity No. 252641
Hawkhurst Community Hospital League of Friends LEGAL AND ADMINISTRATIVE INFORMATION
President
The Rt. Hon G Clark MP
Trustees
The Trustees who served during the year and to the date of this report were:
Dr R Blundell Resigned 12 December 2023 Mr H Cobbold Dr C R Dewing Chair Mr T Fagg Appointed 7 February 2023 Mr T Gilbert Appointed 12 December 2023 Mr P Hoole Resigned 20 March 2023 Mr J Hunt Died 19 December 2023 Mr J Newman Mr W B Owen Ms B S Palmer Appointed 13 February 2024 Mrs J Pyne Mr H Schalburg Mr C Williamson
Charity Administrator/Secretary Ms A Tanner
Principal Office
Hawkhurst Community Hospital High Street Hawkhurst Kent, TN18 4PU
Independent Examiner
Sam Farren FCA DChA Orchard House 42a Childsbridge Lane Kemsing Sevenoaks Kent, TN15 6QR
Bankers
Natwest Bank plc High Street Cranbrook Kent, TN17 3EJ
Barclays Bank plc 9 High Street Colchester Essex, CO1 1DA
1
Hawkhurst Community Hospital League of Friends REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees of the Hawkhurst Community Hospital League of Friends (the Charity) present their report and financial statements for the year ended 31 December 2023. The financial statements comply with 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).
Legal and Administrative Information
The Charity’s officers and trustees are:
President
The Rt. Hon G Clark MP
Trustees
The Trustees who served during the year and to the date of this report were:
Dr R Blundell Resigned 12 December 2023 Mr H Cobbold Dr C R Dewing Chair Mr T Fagg Appointed 7 February 2023 Mr T Gilbert Appointed 12 December 2023 Mr P Hoole Resigned 20 March 2023 Mr J Hunt Died 19 December 2023 Mr J Newman Mr W B Owen Ms B S Palmer Appointed 13 February 2024 Mrs J Pyne Mr H Schalburg Mr C Williamson
Constitution and Objects
The Charity is constituted under the rules and objects adopted on 15 May 1967, amended 30 April 1992, April 2005 and 23 April 2009.
The Objects of the Charity are:
-
To mobilise, encourage, foster and maintain the interest and Support of the public in the patients and staff and to support the work of the hospital by voluntary service.
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To raise, provide and receive funds for the purposes:
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a. Either of supplementing, in such manner as the Charity thinks fit, the resources of the hospital service, or putting such funds, or any part thereof at the disposal of the Tunbridge Wells Health Authority or any successor Authority thereto to be applied at the discretion of such Authority in supplementing such resources.
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b. Of supporting the patients and staff of the hospital, and;
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c. Of supporting and relieving out-patients and former patients of the hospital and other invalids in the local community who are sick, convalescent, disabled, handicapped, infirm or in the need of financial assistance.
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d. Using such funds as the Charity thinks fit for the purpose of promoting health in the wider community and relieving those in need due to other disadvantages related to ill health.
Administration and Structure
The Charity is governed by a board of trustees who meet every two months. Day to day running of the Charity is delegated to the Charity Administrator who reports directly to the board of trustees.
Method of appointment and recruitment of trustees
The trustees regularly review the skills needed on the trustee board and will approach a suitable candidate known to them from the local community.
2
Hawkhurst Community Hospital League of Friends REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Review of the Year
The year continued unabated with much Hawkhurst Community Hospital League of Friends (HCHLOF) activity.
Fundraising
The Green Shop - our main interface with the people of Hawkhurst is situated on the High Street.
The Health and Safety report from 2023 had, unsurprisingly, thrown up many issues associated with a very old shop that needed urgent attention. A general overhaul of the shop was called for so a local architect, Marc Storms, was appointed and planning permission granted for works. We set about finding a suitable builder and eventually settled on Simon Russell (Che Design and Build) of Goudhurst. It had been felt that, as well as correcting the areas of the shop identified as not meeting the requirements of the Health and Safety Regulations, we could take this opportunity to extend the shop frontage and tidy up the area adjacent to the road.
We are most grateful to our Green Shop Manager, Marianne and her team of staff and volunteers in continuing to work tirelessly to keep the shop open and stocked under very challenging conditions, especially this year.
WRAP
The League’s flagship project for Hawkhurst continues to provide vital daycare for sufferers of dementia and respite for their carers and has gone from strength to strength.
It has been suggested that we enhance the service by offering a third day into the future.
Our thanks go out to Sarah Caller and her team of staff and volunteers for all their work throughout the year.
The Hospital
Throughout the year we have continued to provide support to the Hawkhurst Community Hospital. The League has provided new televisions and remotes to all the patients rooms, daily newspapers in the Day Centre and a mobile provisions trolley. There are also complimentary warm drinks for visitors. Sarah, our cook, has been growing food in the garden within the hospital grounds - the League of Friends has given financial support to this project. We have also provided a storage facility nearby.
Our trustee, Mr Colin Williamson has kindly helped with the provision and maintenance of the television sets and has made himself available to repair on occasions the hospital ice machine and drinks dispenser.
Provision of financial support
We continue to financially support the Food4Families initiative in Hawkhurst that gifts food parcels to those in need each Wednesday from the Baptist Church Hall. In total 98 separate households in the Hawkhurst area have received in excess of 1500 meals.
Review of Financial Activities and Affairs
In the financial year ending 31 December 2023 the Charity had income of £187,609 (2022: £162,461). Expenditure in the year was in the sum of £167,930 (2022: £136,728).
Costs of raising funds were £68,809 (2022: £55,786) representing the cost of running the shop, within which were £46,932 (2022: £37,503) in wages and £7,162 (2022: £7,162) in depreciation. Charitable expenditure was in the sum of £99,121 (2022: £80,942), of which £64,572 (2022: £57,366) represented WRAP running costs and £8,241 (2022: £4,328) related to supplies and equipment provided to the hospital. Support costs amounted to £19,932 (2022: £15,608).
Reserves Policy
It is the policy of the charity to maintain its free reserves at a level that equates to approximately six months administration expenditure together with sufficient funds to cover the immediate charitable needs and a general reserve of approximately £15,000 to cover any unexpected calls on our funds. The funds were maintained at this level throughout the year. At 31 December 2023, unrestricted funds were £283,395 (2022: £272,263) of which £139,363 were free reserves (2022: £121,248) and restricted funds were £31,027 (2022: £22,480).
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Hawkhurst Community Hospital League of Friends INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF HAWKHURST COMMUNITY HOSPITAL LEAGUE OF FRIENDS
I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2023, which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
(3) the accounts do not comply with the applicable requirements concerning the form 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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Sam Farren FCA DChA
Sevenoaks
23 October 2024
5
Hawkhurst Community Hospital League of Friends STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023
| Note INCOME FROM: Donations and legacies Donations and grants 1 Legacies and Memorial Donations Subscriptions Charitable activities 2 Other trading activities Fundraising 3 Investments TOTAL INCOME EXPENDITURE ON; Raising funds 4 Charitable activities 5 TOTAL EXPENDITURE NET INCOME 11 TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS FUND BALANCES BROUGHT FORWARD At 1 January 17 FUND BALANCES CARRIED FORWARD At 31 December 17 |
2023 Unrestricted funds Restricted funds Total funds £ £ £ 6,098 10,156 16,254 393 - 393 1,991 - 1,991 50,682 - 50,682 118,022 - 118,022 267 - 267 177,453 10,156 187,609 68,809 - 68,809 97,512 1,609 99,121 166,321 1,609 167,930 11,132 8,547 19,679 - - - 11,132 8,547 19,679 272,263 22,480 294,743 283,395 31,027 314,422 |
2022 Unrestricted funds Restricted funds Total funds £ £ £ 5,569 - 5,569 - - - 2,296 - 2,296 45,874 - 45,874 107,174 1,500 108,674 48 - 48 |
|---|---|---|
| 160,961 1,500 162,461 |
||
| 55,786 - 55,786 80,942 - 80,942 |
||
| 136,728 - 136,728 |
||
| 24,233 1,500 25,733 - - - |
||
| 24,233 1,500 25,733 |
||
| 248,030 20,980 269,010 272,263 22,480 294,743 |
All activities are classed as continuing. The Charity has had no recognised gains and losses during this year and last year other than the net expenditure for the financial year.
6
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospitsl League of Friends BALthCF. SHEET 31 eMr ?023 TJDpTrA¢ 12 144.467 1S1.015 ij 14 742 I9.4 156.(WJ 144JJ I 175355 150.W5 15 15A(O 267) 169.955 314.4 291.741 17 17 294.74J t(
Hawkhurst Community Hospital League of Friends ACCOUNTING POLICIES
BASIS OF ACCOUNTING
a) Basis of preparation
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 (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Hawkhurst Community Hospital League of Friends meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
b) Preparation of the accounts on a going concern basis
The Trustees are satisfied that the charity has sufficient funds to cover net expenditure for the ensuing year after approval of these financial statements.
It is therefore the trustees’ view that there are no material uncertainties regarding Hawkhurst Community Hospital League of Friends’ ability to continue in business for the foreseeable future taking into account all available information, and have neither the intention nor the need to liquidate or curtail materially the scale of its operations, and have prepared the accounts on that assumption.
INCOME POLICY
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Legacies are recognised in the accounts when the amount and timing of receipt is probable to the satisfaction of the trustees.
Income tax recoverable in respect of deeds of covenant is included in the same period as the donation.
INVESTMENT INCOME
Investment income is accounted for in the year in which the charity is entitled to receipt.
FUND ACCOUNTING
Unrestricted funds are funds which are available to use at the discretion of the trustees in furtherance of the general objectives of the charity and which has not been designated for any other purpose.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
EXPENDITURE POLICY
Expenditure is recognised on an accruals basis as a liability is incurred. Irrecoverable VAT is charged against the category of resources expended from which it was incurred.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly whilst others are apportioned on an appropriate basis.
COST OF RAISING FUNDS
Cost of raising funds comprises those costs directly attributable to the Charity's fund raising activities.
8
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospital League of Friends ACCOUNTING POLICIES
CASH FLOW STATEMENT
The Charity has taken advantage of the exemption from preparing a cash flow statement in accordance with FRS 102 on the basis that it qualifies as a small entity.
TANGIBLE FIXED ASSETS
Assets costing £100 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation
DEPRECIATION
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property and improvements - 10% straight line basis Fixtures and fittings - 10% straight line basis Computer equipment - 25% straight line basis
Depreciation is not provided on freehold land.
STOCK
Stock is valued at the lower of cost or realisable value.
No value has been included for the items donated and held at the year end at the shop as the trustees consider it impractical to estimate the fair value of this stock. The value to the charity of the donated goods sold are recognised as income when sold.
DEBTORS
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
CASH AT BANK AND IN HAND
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
CREDITORS
Creditors 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 party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
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.
OPERATING LEASE AGREEMENTS
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
9
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospital League of Friends NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023
| 1. | DONATIONS | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Donations | 13,932 | 4,901 | |
| Gift Aid | 2,322 | 668 | |
| ------------ | ------------ | ||
| 16,254 | 5,569 | ||
| ====== | ====== | ||
| 2. | CHARITABLE ACTIVITIES | ||
| 2023 | 2022 | ||
| £ | £ | ||
| WRAP Income | 50,682 | 45,874 | |
| ------------ | ------------ | ||
| 50,682 | 45,874 | ||
| ====== | ====== | ||
| 3. | FUNDRAISING INCOME | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Shop income | 117,854 | 107,087 | |
| Other | 168 | 1,587 | |
| ------------ | ------------ | ||
| 118,022 | 108,674 | ||
| ====== | ====== | ||
| 4. | FUNDRAISING EXPENDITURE | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Shop overheads (Note 7) | 67,816 | 55,229 | |
| Purchase of goods (adjusted for stock) | 993 | 557 | |
| ------------ | ------------ | ||
| 68,809 | 55,786 | ||
| ====== | ====== | ||
| 5. | CHARITABLE EXPENDITURE – supporting the community | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Hospital equipment | 3,290 | 880 | |
| Gardening | 1,283 | 582 | |
| Drinks machine | 373 | 564 | |
| Newspapers for Day Hospital | 955 | - | |
| Patient entertainment & hospital staff support | 2,340 | 2,302 | |
| Donations | 6,376 | 3,640 | |
| WRAP running costs (note 8) | 64,572 | 57,366 | |
| Support costs (note 6) | 19,932 | 15,608 | |
| ------------- | ----------- | ||
| 99,121 | 80,942 | ||
| ====== | ====== |
10
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospital League of Friends NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023
6. SUPPORT COSTS
| 6. | SUPPORT COSTS | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Adverts, postage, stationery and telephone | 527 | 410 | |
| Staff costs | 12,728 | 11,070 | |
| Staff mileage | 515 | 975 | |
| Legal & professional fees | 2,887 | 633 | |
| Accountancy fees | 500 | 500 | |
| Bank charges and interest | 250 | 270 | |
| Depreciation | 156 | 100 | |
| Computer costs | 1,230 | 900 | |
| Sundry costs | 389 | - | |
| Governance costs – independent examination fees | 750 | 750 | |
| ------------ | ------------ | ||
| 19,932 | 15,608 | ||
| ====== | ====== | ||
| 7. | SHOP OVERHEADS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Staff costs | 46,932 | 37,503 | |
| Business rates | 355 | 706 | |
| Water | (221) | 268 | |
| Gas & electricity | 2,631 | 2,259 | |
| Insurance | 1,311 | 1,076 | |
| Card payment costs | 1,143 | 1,014 | |
| Telephone and internet | 461 | 477 | |
| Depreciation | 7,162 | 7,162 | |
| Premises costs | 8,042 | 4,764 | |
| ------------ | ------------ | ||
| 67,816 | 55,229 | ||
| ====== | ===== | ||
| 8. | WRAP RUNNING COSTS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Insurance | 638 | 1,124 | |
| Other Costs | 301 | 1,144 | |
| Depreciation | 114 | 94 | |
| Therapeutic music sessions | 2,898 | 1,543 | |
| Cleaning & supplies | 2,516 | 2,101 | |
| Computer costs | 1,220 | 1,072 | |
| Food Costs and Kitchen & Catering Supplies | 6,107 | 4,055 | |
| Dementia Management | 48,855 | 45,643 | |
| Subsidised client fees | 1,231 | - | |
| Training | - | 390 | |
| Volunteer mileage | 692 | - | |
| Bad debts | - | 200 | |
| ------------ | ------------ | ||
| 64,572 | 57,366 | ||
| ====== | ====== |
11
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospital League of Friends NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023
9. EMPLOYEE COST
| EMPLOYEE COST | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Salaries and wages | 58,371 | 47,551 |
| Social security costs | - | - |
| Pension costs | 1,289 | 1,022 |
| ------------ | ------------ | |
| 59,660 | 48,573 | |
| ====== | ====== | |
| The average number of staff for the year was: | ||
| 2023 | 2022 | |
| No | No | |
| Shop | 4 | 3 |
| Office | 1 | 1 |
| ----------- | ---------------- | |
| 5 | 4 | |
| ===== | ======== |
No member of staff was paid more than £60,000 per annum during either year.
10. TRUSTEES’ REMUNERATION
No trustee received any remuneration in either year. 2 trustees (2022: 4) received reimbursement of expenses during the year relating to purchases made on the charity’s behalf totaling £1,767 (2022: £1,663).
11. NET INCOME
| This is stated after charging: | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Depreciation | 7,432 | 7,356 |
| ====== | ====== |
12. FIXED ASSETS
Freehold
| Freehold | ||||
|---|---|---|---|---|
| property and | Fixtures and | Computer | ||
| improvements | fittings | equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2023 | 171,621 | 5,063 | 2,470 | 179,154 |
| Additions | - | - | 884 | 884 |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------------------------- | |
| At 31 December 2023 | 171,621 | 5,063 | 3,354 | 180,038 |
| ================================= | ================================= | ================================ | ===================================== | |
| Depreciation | ||||
| At 1 January 2023 | 20,889 | 5,063 | 2,187 | 28,139 |
| Charge for the year | 7,162 | - | 270 | 7,432 |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------------------------- | |
| At 31 December 2023 | 28,051 | 5,063 | 2,457 | 35,571 |
| ============================ | ============================ | ============================ | ================================ | |
| Net book value | ||||
| At 31 December 2023 | 143,570 | - | 897 | 144,467 |
| ================================= | ================================= | ================================= | ====================================== | |
| At 31 December 2022 | 150,732 ================================= |
- ================================= |
283 ================================= |
151,015 ===================================== |
12
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospital League of Friends NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023
| 13. | STOCK | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Stock | 62 | 242 | |
| ------------ | ------------ | ||
| 62 | 242 | ||
| ====== | ====== | ||
| 14. | DEBTORS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 1,185 | 1,164 | |
| Other debtors | 3,969 | 668 | |
| Prepayments and accrued income | 14,270 | 4,410 | |
| ------------ | ------------ | ||
| 19,424 | 6,242 | ||
| ====== | ===== | ||
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade creditors | 2,192 | 4,442 | |
| Other taxation and social security | - | 1,553 | |
| Accruals | 3,230 | 1,272 | |
| Pension contributions | 178 | - | |
| ------------ | ------------ | ||
| 5,600 | 7,267 | ||
| ====== | ====== |
16. COMMITMENTS UNDER OPERATING LEASES
As at 31 December 2023, the charity had no future minimum lease payments under non-cancellable operating equipment leases.
13
These unaudited financial statements were subject to an independent examination. See report on page 5.
Hawkhurst Community Hospital League of Friends NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
----- Start of picture text -----
|||||
|---|---|---|---|
|2023|
|Restricted|Unrestricted|Total|
|Funds|Funds|Funds|
|£|£|£|
|Tangible Fixed Assets|435|144,032|144,467|
|Current assets|30,592|144,963|175,555|
|Current liabilities|-|(5,600)|(5,600)|
|------------------------------------------|------------------------------------------|---------------------------------------------|
|31,027|283,395|314,422|
|==================|==================|==================|
|2022|
|Restricted|Unrestricted|Total|
|Funds|Funds|Funds|
|£|£|£|
|Tangible Fixed Assets|-|151,015|151,015|
|Current assets|22,480|128,515|150,995|
|Current liabilities|-|(7,267)|(7,267)|
|------------------------------------------|------------------------------------------|---------------------------------------------|
|22,480|272,263|294,743|
|===============|================== ===============|
----- End of picture text -----
Restricted funds relate to a legacy which was specified to be used for the benefit of the Physiotherapy Department of which £20,587 was remaining at 31 December 2023 (2022: £20,587), £1,893 (2022: £1,893) in relation to funds raised during 2019 & 2020 for a sensory room and £8,547 (2022: £nil) relating to a donation during the year towards WRAP.
18. TAX
Hawkhurst Community Hospital League of Friends is a registered charity and as such its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.
14
These unaudited financial statements were subject to an independent examination. See report on page 5.