Duchy Health Charity Limited (Limited by Guarantee)
Trustees’ Report and Financial Statements
For the year ended 31 March 2021
Charity registration number 271957 Company registration number 01268926
Duchy Health Charity Limited
Contents
| Page | |
|---|---|
| Report of the Board of Trustees | 1 – 8 |
| Independent auditors’ report | 9 – 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Notes to the financial statements | 14 – 20 |
Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
The Board of Trustees present their annual report for the year ended 31 March 2021, together with the audited financial statements for the year which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting for 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 (FRS102) (effective 1 January 2019).
Objectives and activities
Charitable purposes
The objects of the Charity are to promote the prevention of sickness and the relief of sickness in Cornwall by such charitable means as the Board shall think fit. This is mainly through making grants and organising regular health seminars or lectures.
Public benefit, aims and objectives
The charity complies with the public benefit requirement through its grant making programme.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy each year.
The grant making programme is wholly directed at supporting charitable organisations within Cornwall and the Isles of Scilly.
Organisation
The Charity’s Board comprises of up to 25 members who meet four times per year. The following sub-committees dealt with the charity’s activities during the year:
Finance – Chair – Mark Williams Grants – Chair – Sally-Jane Coode
Day to day activities of the Charity are managed by the Secretary, Chairman, Vice-Chairman and Chairman of the Grants Committee.
1
Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Achievements and performance – Chairman’s report
Introduction
It has been a year like no other as Duchy Health Charity coped with the pandemic and acted promptly to help Cornwall deal with the effects of it. It is to the credit of all Board members that they have been nimble in their decision-making, been innovative in their thinking and been prepared to learn new skills to enable all members of the Board to be kept informed and included.
Strategy
Duchy Health Charity’s strategy has responded to need in that the Board decided to offer over £120k to small charities across the county when it became clear that Covid restrictions would mean that funding would become very difficult for many and could have meant a complete breakdown in support for the population of Cornwall, particularly in areas such as domestic abuse, addiction and vulnerable families. Within that context the following remains true, Duchy Health Charity works:
Within and across Cornwall
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To support charities to enhance the health and well-being of the population of Cornwall by the development of strategies to prevent and alleviate illness.
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To use the Board’s skills, influence and facilitation to encourage change across health and wellbeing providers, commissioning and stakeholder organisations.
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To act as a catalyst for change, a conduit of knowledge and learning, to enable learning to happen.
How
Through the targeted use of Duchy Health Charity funds and the acquisition and application of local knowledge, to act as an enabler to the health, social care and the voluntary sector to facilitate the service design, provision and integration to meet the people of Cornwall’s health and social care needs.
Priorities
Focussing primarily on the needs of the community as well as individuals, Duchy Health Charity is working in collaboration with all key stakeholders in the statutory and voluntary sector, particularly on the NHS 10 year plan. It is creating opportunities to prevent illness and articulating expectations to support a good quality of life across all age groups.
However during 2020-2021, the Charity has interpreted this priority in the context of Covid.
Outcomes
As before, the success of Duchy Health Charity can be measured by the awards made. This year, as well as making awards to support the prevent agenda, to enable social care initiatives and to help relieve some of the impacts of poverty within communities, the Charity has mitigated the effects of Covid wherever possible.
Despite Covid, Duchy Health Charity has continued to provide support to charities in the county in their individual endeavours by providing grants. We have continued to emphasise the need for projects to demonstrate sustainability and to encourage matched funding.
2
Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Achievements and performance – Chairman’s report (continued)
Events
2020/2021 has been a peculiar year affecting every aspect of the Charity’s work. By using technology, the Board has continued to take a lead in bringing people together; seeking ways of initiating thinking and activity, particularly in relation to prevention and enabling individuals and communities to help themselves improve their health and thus life chances.
Clearly, to continue to build upon the network of individuals who have supported the Charity’s events over recent years the Charity has had to change its approach. The wonderful conference and film planned for October 2020 had to be changed to a webinar and technology based discussion. All attendees and presenters agreed that it was very successful with further instalments to come. The focus was, working with GPs, to try to change attitudes to the early medicalisation of conditions and introduce the alternative to medical prescribing – concentrating upon the social improvements and changes that can be made.
The impact of Covid has meant that the planned film and resource pack have been delayed in their distribution. The second webinar is now scheduled for May 21[st] , 2021.
The work with children and young people continues, following a Covid induced break. Trustees are working with the Chaos group to encourage children and young people to take an active part in decision-making in their communities.
As noted above, the Trustees were very quick to address the needs of the local charities for whom Covid-19 was a disaster as their funding stopped immediately. The finance committee set the parameters of the funding available and the grants committee assessed the applications.
Duchy Health Charity continues to show flexibility and a willingness to do things differently whilst also exercising probity and professional curiosity. The Trustees are enthusiastic and highly motivated to ‘make things happen’.
Very recently an extraordinary Board meeting was held with invited guests from Cornwall Council, Devon and Cornwall police and other community representatives. The speakers were the Chief Constable and Chief Superintendent of Avon and Somerset police who demonstrated to the Board how data can be used to understand the needs of communities, vulnerable families and individuals, especially in relation to their health and wellbeing. This work is to continue.
In conclusion, the Trustees deserve our thanks and admiration for their work. In an exceptionally difficult year, they have shown dedication and continued enthusiasm to make an impact for the people of Cornwall.
Dr Barbara Vann, DL., Hon. DSc. Chair
3
Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Financial review
Investment powers and policy
The Charity’s investment powers are set out in its memorandum and articles. The investments are monitored by the Finance sub-committee who compare performance with appropriate indices and meet with the investment managers on an annual basis. The policy is to maintain income whilst preserving the real value of the Charity’s investments. The trustees are pleased to confirm that investment values have increased in the year after initial concerns surrounding the Covid-19 pandemic. The finance sub-committee continue to monitor the position. The funds are held on a long term basis and an average return of 5.1% on cost was obtained during the year from these investments.
Grant making policy
Grant applications are considered by the Grant sub-committee who are able to approve individual claims of up to £30,000. Larger applications are referred by the sub-committee to the Board for approval.
The Charity aims to support projects which improve direct healthcare in Cornwall and to assist in the provision of equipment and services that are not available from other agencies. The Charity also supports research activities undertaken in the County.
Reserves policy
The Charity’s funds were principally derived from the sale of the Duchy Hospital in Truro which it had previously operated. Following the sale, the Charity became a grant making body and has aimed to distribute grants on an annual basis. When an exceptional grant application is received, the Board are able to utilise the Charity’s fixed asset investments.
The Charity’s total reserves are primarily held to generate an income to enable grant awards to be made each year.
Risk management
The Board has assessed the major risks which they have identified and to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to these.
Covid-19
The Board has considered the likely impact of Covid-19 on the Charity. At 31 March 2021 investment values had recovered well.
The Charity derives its income entirely from investments, and is reliant on this income to make grant awards. Likely income levels are forecast annually, for budgeting purposes.
The Charity’s expenditure is mainly discretionary, and therefore the Board believe that the Charity can continue to operate in these currently challenging times.
In addition, should an exceptional need arise, the Charity has the option of realising investments held in bonds (approximately 20% of the portfolio held), which are less susceptible to stock market volatility.
4
Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Financial review (continued)
Review of activities
The income (primarily from dividends) was £206,528 (2020: £235,075); grants of £205,974 (2020: £158,286) have been approved in accordance with the objects of the Charity. A summary of the results is given on page 12. A summary of each year’s net income and grants since becoming a grant making charity is shown below:
| Net income available | Grants | Grants | ||
|---|---|---|---|---|
| Year | for distribution | approved | withdrawn | Net grants |
| £ | £ | £ | £ | |
| 1991 | 100,000 | 69,000 | - | 69,000 |
| 1992 | 199,161 | 177,880 | - | 177,880 |
| 1993 | 199,705 | 189,500 | - | 189,500 |
| 1994 | 186,248 | 178,000 | - | 178,000 |
| 1995 | 162,829 | 238,129 | - | 238,129 |
| 1996 | 181,452 | 156,095 | - | 156,095 |
| 1997 | 189,893 | 151,328 | (5,000) | 146,328 |
| 1998 | 219,545 | 154,783 | (5,000) | 149,783 |
| 1999 | 303,354 | 442,050 | - | 442,050 |
| 2000 | 305,629 | 1,669,942 | (11) | 1,669,931 |
| 2001 | 312,237 | 88,827 | (815) | 88,012 |
| 2002 | 291,397 | 416,332 | (620) | 415,712 |
| 2003 | 264,573 | 1,060,912 | - | 1,060,912 |
| 2004 | 259,917 | 71,003 | (30,000) | 41,003 |
| 2005 | 240,283 | 367,000 | (14,273) | 352,727 |
| 2006 | 244,842 | 260,295 | (50,004) | 210,291 |
| 2007 | 249,754 | 60,750 | (10,882) | 49,868 |
| 2008 | 278,893 | 1,016,789 | (108,004) | 908,785 |
| 2009 | 275,891 | 137,079 | (2,683) | 134,396 |
| 2010 | 192,906 | 155,030 | (443) | 154,587 |
| 2011 | 175,394 | 129,975 | (7,495) | 122,480 |
| 2012 | 159,141 | 169,048 | (32,796) | 136,252 |
| 2013 | 175,878 | 145,119 | - | 145,119 |
| 2014 | 169,900 | 283,137 | (17,653) | 265,484 |
| 2015 | 194,214 | 194,700 | (305) | 194,395 |
| 2016 | 177,686 | 163,771 | (20,000) | 143,771 |
| 2017 | 182,654 | 71,130 | (20,371) | 50,759 |
| 2018 | 192,719 | 118,100 | (650) | 117,450 |
| 2019 | 190,536 | 147,030 | - | 147,030 |
| 2020 | 179,379 | 159,866 | (1,580) | 158,286 |
| 2021 | 177,738 | 207,275 | (1,301) |
205,974 |
| 8,849,875 | (329,886) | 8,519,989 |
The Charity’s retained surplus at 31 March 2021 was £4,013,857 (see note 15). The Board are satisfied that taking into account its anticipated investment income sufficient funds will be available to allow the grant committees’ continued operation in the current year.
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Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Reference and Administrative Details
Name of Charity: Duchy Health Charity Limited Charity registration number: 271957 Company registration number: 01268926 Constitution: Company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association Principal address and registered office: Peat House, Newham Road, Truro, Cornwall, TR1 2DP Website: www.duchyhealthcharity.org Patron: HRH The Prince of Wales President: Michael Galsworthy CVO CBE
Directors and Trustees
The directors of the charitable company (“the Charity”) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the Board. Board members must also be members of the Charity, one third of the Board retire at each annual general meeting but are eligible to be reappointed.
New Board members are appointed by the Board but their appointment is confirmed by members at the first annual general meeting following their appointment. Newly appointed Board members are provided with copies of the Charity’s financial statements and memorandum and articles of association prior to appointment. Guidance on the Charity’s ethos and activities is provided by the Chairman and Secretary.
The Board members serving during the year and since the year end were as follows:
| Date of original | Date of last | |
|---|---|---|
| election | election | |
| Dr B Vann (Chair) (F) (G) | 24.09.01 | 26.10.20 |
| Mrs C O’Brien (G) | 24.09.01 | 26.10.20 |
| Mrs S-J Coode MBE (G) | 17.11.05 | 26.10.20 |
| Mrs M Vyvyan (G) | 27.02.08 | 26.10.20 |
| TJ Guy (G) | 22.07.08 | 26.10.20 |
| S Bennett (G) | 09.07.12 | 26.10.20 |
| G Murdoch (F) | 11.02.13 | 14.10.19 |
| M Williams (F) (G) (Secretary) | 20.10.14 | 26.10.20 |
| Mrs T North (F) (G) (Vice Chair) | 26.01.15 | 03.12.18 |
| Mrs A Hambly-Staite (G) | 15.06.15 | 03.12.18 |
| JR Croggon (F) | 01.02.16 | 14.10.19 |
| JI Robinson (G) | 08.05.17 | 26.10.20 |
| Dr JA Evers (G) | 29.01.18 | 03.12.18 |
| Dr TJ Anderson (G) | 25.02.18 | 03.12.18 |
| Mrs AE Mclean (G) (resigned 1 February 2021) | 29.07.19 | 14.10.19 |
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Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Reference and Administrative Details (continued)
The following Board Members retiring by rotation offer themselves for re-election:
Dr B Vann, Mrs C O’Brien, Mrs SJ Coode, Mrs M Vyvyan, Mr TJ Guy, Mr S Bennett, Mrs T North, Mrs A Hambly-Staite, Dr JA Evers and Dr TJ Anderson.
Regular members of the grant and finance committees are indicated by the letter G and F respectively; other Board members frequently attend these meetings together with other invited individuals with an interest in health care.
Auditors: PKF Francis Clark, Lowin House, Tregolls Road, Truro, TR1 2NA Solicitors: Stephens Scown LLP, 1 High Cross Street, St Austell, PL25 4AB Bankers: Lloyds Bank, 7 Boscawen Street, Truro, TR1 2QT Investment managers: The Charity’s investments are held in Charifund, Charibond and Global Dividend Fund units which are investment funds managed by M & G Investments.
Related parties
Any connection between a trustee with a grant recipient or supplier of the charity is disclosed to the board of Trustees in the same way as any other contractual relationship with a related party.
Further details can be found in note 16.
Risk assessment
The trustees have assessed the principal risks and uncertainties to which the charity is exposed and have established systems to mitigate those risks. The principal financial risk is a loss of income through falling investment performance. This is monitored to ensure expenditure is kept within the funds available. This is an ongoing process and is subject to regular review.
Auditors
A resolution proposing that PKF Francis Clark be reappointed as auditors will be submitted to the Annual General Meeting.
7
Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2021
Statement of trustees’ responsibilities
The trustees (who are also directors of Duchy Health Charity Limited, for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure of the charitable company for that period. In preparing those financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the SORP 2019 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as the trustees are aware, there is no relevant audit information of which the charitable company’s auditors are unaware. Additionally, the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Signed on behalf of the Trustees by
Peat House Newham Road TRURO Cornwall TR1 2DP
M Williams FCA DChA Secretary 21 May 2021
8
Duchy Health Charity Limited
Independent auditors’ report to the Members of Duchy Health Charity Limited
Opinion
We have audited the financial statements of Duchy Health Charity Limited (the ‘charitable company’) for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet 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 in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance 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 charitable company 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 directors 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 company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 trustees are responsible for the other information. The other information comprises the information included in the Report of the Board of Trustees, other than the financial statements and our auditor’s report thereon. 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 form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
9
Duchy Health Charity Limited
Independent auditors’ report
to the Members of Duchy Health Charity Limited
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Board of Trustees (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Board of Trustees.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charitable company’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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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:
As part of the audit work, we obtained an understanding of the legal and regulatory framework that is applicable to the charity and the sector in which it operates. Due to the nature of the activity, no specific regulations were identified. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, Charities Act 2011 and compliance with the Charities Statement of Recommended Practice.
10
Duchy Health Charity Limited
Independent auditors’ report to the Members of Duchy Health Charity Limited
We discussed with management how the compliance with these laws and regulation is monitored.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur as part of the audit planning process. We determined that these risks are low considering the fact that the charity operates on a not-for-profit basis and so there would be no motivation to management to influence performance for individual gain. Likewise grant awards are approved by the grant committee or the full board, further reducing the risk of fraud.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included the following:
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We reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
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We reviewed board minutes.
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We made enquires of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.
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We audited the risk of management override of controls through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.
As part of our enquires we discussed with management whether there have been any known instances, allegations or suspicions of fraud of which there were none.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Darren Perry BA (Hons) ACA DChA (Senior Statutory Auditor)
PKF Francis Clark Chartered Accountants Statutory Auditors
Lowin House Tregolls Road TRURO Cornwall TR1 2NA
Date: 9 August 2021
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Duchy Health Charity Limited
Statement of financial activities
(incorporating income and expenditure account)
For the year ended 31 March 2021
| Notes Unrestricted funds £ Income: Investments 3 202,528 Other 4 4,000 _ Total income 206,528 __ Expenditure on: Charitable activities _5 234,764 _ Total expenditure 234,764 _ Net (expenditure)/income for the year before gains/(losses) on investments (28,236) Gains/(losses) on investments 1,049,064 _ Net income/(expenditure) for the year and net movement in funds 1,020,828 Reconciliation of funds Total funds brought forward 4,710,983 _ Total funds carried forward 5,731,811 |
2021 Total £ 202,528 4,000 __ 206,528 __ 234,764 __ 234,764 __ (28,236) 1,049,064 __ 1,020,828 4,710,983 __ 5,731,811 |
2020 Total £ 231,746 3,329 _ 235,075 _ 213,982 _ 213,982 _ 21,093 (941,937) _ (920,844) 5,631,827 _ 4,710,983 |
|---|---|---|
All income and expenditure is derived from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year.
All funds in the prior year were unrestricted.
12
Duchy Health Charity Limited
Balance sheet
As at 31 March 2021
| Notes £ Fixed assets Investments 12 Current assets Cash at bank - deposit accounts 102,514 Cash at bank - current account 5,000 __ Total current assets 107,514 Creditors: amounts falling due within one year 13 (103,177) __ Net current assets Net assets 14 Funds of the charity Unrestricted funds 15 Revaluation reserve 15 Total charity funds |
2021 £ £ 5,727,474 144,818 4,850 _ 149,668 (117,095) _ 4,337 5,731,811 4,013,857 1,717,954 __ 5,731,811 |
2020 £ 4,678,410 32,573 4,710,983 4,042,093 668,890 __ 4,710,983 |
|---|---|---|
The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the financial statements required by the Companies Act 2006 and are for circulation to the members of the company.
Signed on behalf of the trustees by:
Dr B Vann DL
Chairman
M Williams FCA DChA
Secretary/Treasurer
Approved and authorised for issue by the trustees on 21 May 2021
Company registration No. 01268926
13
Duchy Health Charity Limited
Notes
(forming part of the financial statements)
1 General information
The company is incorporated as a company limited by guarantee and does not have share capital. In the event of the company being wound up each member is liable to contribute a sum not exceeding £1 towards the liabilities of the company and the costs, charges and expenses of winding up.
2 Summary of significant accounting policies
2.1 Accounting convention and 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
Duchy Health Charity Limited 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. The financial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £1.
Under the Companies Act the parent charity is not required to prepare consolidated financial statements for a financial year as the group meets the requirements of a small group. The charitable group is also below the threshold for preparing consolidated financial statements under the Charities Act.
2.2 Incoming resources
Incoming resources are accounted for in the period in which the charitable company is entitled to receipt.
2.3 Resources expended
Expenditure is included on an accruals basis. Irrecoverable VAT is included with the item of expense to which it relates.
Expenditure is directly attributable to specific activities and has been included in those cost categories.
Grants payable are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
2.4 Unrestricted and designated funds
These funds have been made available to the trustees without specific conditions. The use of unrestricted funds is entirely at the discretion of the trustees. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
All of the charity’s funds are unrestricted.
2.5 Taxation
The company is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the test set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
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Duchy Health Charity Limited
Notes
(forming part of the financial statements)
2.6 Fixed asset investments
Investments are a form of basic financial instrument and are stated in the financial statements at fair/market value. Unrealised gains on investments are calculated by reference to the difference between fair/market value from one year to the next. Realised gains or losses are calculated by reference to the difference between proceeds of sale and the carrying value of the investment at the previous year end. Realised and unrealised gains or losses are combined in the statement of financial activities.
2.7 Debtors and creditors
Debtors receivable and creditors payable within one year are recorded at transaction price.
3 Investment income
| Bank interest Listed investment income Other income Proceeds from sale of assets Sponsorship income Expenditure on charitable activities Grants payable (note 6) Seminars/events/engagement work Awards Support costs (note 7) |
2021 £ 22 202,506 __ 202,528 2021 £ - 4,000 __ 4,000 2021 £ 205,974 246 - 28,544 __ 234,764 |
2020 £ 90 231,656 _ 231,746 2020 £ 3,329 - _ 3,329 2020 £ 158,286 29,892 1,000 24,804 __ 213,982 |
|---|---|---|
4 Other income
5 Expenditure on charitable activities
15
Duchy Health Charity Limited
Notes
(forming part of the financial statements)
6 Grants payable
| Grants payable | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Age UK in Cornwall & the IOS | 5,000 | 12,000 |
| All Saints Community Centre | 17,773 | - |
| BF Adventure | 3,000 | - |
| Bosence Farm Community | 5,000 | 18,500 |
| Brook | 10,000 | - |
| The Chaos Group | - | 20,000 |
| Clear | 10,000 | |
| Connecting Lives | - | 900 |
| Concern Wadebridge | 7,500 | - |
| Cornwall Hospice Care | 10,000 | 30,000 |
| Cornwall Music Service Trust | 5,000 | - |
| Counselling and Benefit Support | 2,500 | - |
| Disability Cornwall | 5,000 | - |
| Drama Express | 500 | - |
| Falmouth Age Concern | 3,000 | - |
| Farm Cornwall | 5,000 | - |
| Helford River Children’s Sailing Trust | - | 11,000 |
| Livewire Youth Music Project | 5,000 | - |
| Love Falmouth | 3,000 | - |
| Merlin MS Centre | 5,000 | - |
| Mustard Seed Charity | 1,000 | - |
| NHS Kernow Clinical Commissioning Group | - | 34,000 |
| PBC Foundation | 1,402 | - |
| Royal Cornwall Hospitals Trust | - | 4,466 |
| Saltash Foodbank | 3,000 | - |
| Samaritans of Cornwall at Truro | 20,000 | - |
| Southerly Point Multi Academy Trust | - | 5,000 |
| Sowenna Appeal | 6,500 | 24,000 |
| St Austell Foodbank | 3,000 | - |
| St Austell Healthcare Loneli-Less Project | 10,000 | - |
| St Austell Old People’s Welfare Society | 1,000 | - |
| St Petrocs | 10,000 | - |
| The Hugs Foundation | 1,000 | - |
| The Wave Project | 21,600 | - |
| Trelya | 3,500 | - |
| Volunteer Cornwall | 5,000 | - |
| Wadebridge Foodbank | 3,000 | - |
| West Cornwall Women’s Aid | 5,000 | - |
| White Gold Cornwall Foundation | 5,000 | - |
| Wild Young Parents Project | 5,000 | - |
| Grants approved in previous years now withdrawn | (1,301) | (1,580) |
| __ | __ | |
| 205,974 | 158,286 |
16
Duchy Health Charity Limited
Notes
(forming part of the financial statements)
7 Support costs
| Office facilities, postage and stationery Admin support Public relations Sponsorship (Volunteer Cornwall Awards) Sundry expenses Bank charges Donations Insurance Professional fees Website and IT costs Governance (note 8) 8 Governance costs AGM expenses Professional fees Audit fees Trustee indemnity insurance 9 Net movement in funds Is stated after charging: Auditors remuneration – audit |
2021 £ 8,616 3,600 - - 204 133 - 308 3,819 5,623 6,241 __ 28,544 2021 £ - 1,543 2,758 1,940 6,241 2021 £ 2,758 |
2020 £ 8,160 4,870 167 400 - 88 150 308 - 3,727 6,934 __ 24,804 2020 £ 160 2,577 2,580 1,617 6,934 2020 £ 2,580 |
|---|---|---|
10 Staff costs
The charity has no paid staff.
11 Transactions with trustees and connected persons
Due to the nature of the charity’s operations and composition of the trustees, it is inevitable that transactions will take place with organisations and individuals in which a trustee or persons connected with them, may have an interest. Trustees do not vote on any decision made regarding grants payable to organisations in which they have an interest. See note 16.
The directors (trustees under charity law) are the only key management personnel. See Note 16 for details of remuneration payable.
No expenses were claimed by the trustees in the year.
17
Duchy Health Charity Limited
Notes
(forming part of the financial statements)
| 12 | Investments | ||
|---|---|---|---|
| Listed | |||
| Investments | |||
| £ | |||
| Valuation | |||
| At 1 April 2020 | 4,678,410 | ||
| Revaluation | 1,049,064 | ||
| __ | |||
| At 31 March 2021 | 5,727,474 | ||
| Cost | |||
| At 31 March 2021 and 31 March 2020 | 4,009,520 | ||
| Significant holdings included in fixed asset investments at 31 March 2021 were as follows: | |||
| Market | |||
| Value | |||
| £ | |||
| 962,694.972 Charibond Units at 123.52p per unit | 1,189,121 | ||
| 185,762.587 Charifund Units at 1,472.41p per unit | 2,735,187 | ||
| 687,942.394 Global Dividend Fund Units at 262.11p per unit | 1,803,166 | ||
| __ | |||
| 5,727,474 | |||
| 13 | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Duchy Bond loans | 5,655 | 5,655 | |
| Grants payable | 90,056 | 80,818 | |
| Trade creditors | - | 18,752 | |
| Accruals and deferred income | 7,466 | 11,870 | |
| __ | __ | ||
| 103,177 | 117,095 |
18
Duchy Health Charity Limited
Notes
(forming part of the financial statements)
14 Analysis of net assets between funds
| Fixed assets Current assets Current liabilities Fixed assets Current assets Current liabilities 15 Unrestricted funds Current year funds movement General fund Revaluation reserve Total Prior year funds movement General fund Revaluation reserve Total |
At 1 April 2020 £ 4,042,093 668,890 _ 4,710,983 At 1 April 2019 £ 4,021,000 1,610,827 _ 5,631,827 |
Unrestricted funds £ 5,727,474 107,514 (103,177) __ 5,731,811 Unrestricted funds £ 4,678,410 149,668 (117,095) _ 4,710,983 Total income Total expenditure Investment gains £ £ £ 206,528 (234,764) - - - 1,049,064 _ _ _ 206,528 (234,764) 1,049,064 Total income Total expenditure Investment losses £ £ £ 235,075 (213,982) - - - (941,937) _ _ __ 235,075 (213,982) (941,937) |
31 March 2021 £ 5,727,474 107,514 (103,177) __ 5,731,811 31 March 2020 £ 4,678,410 149,668 (117,095) _ 4,710,983 At 31 March 2021 £ 4,013,857 1,717,954 __ 5,731,811 At 31 March 2020 £ 4,042,093 668,890 _ 4,710,983 |
31 March 2021 £ 5,727,474 107,514 (103,177) __ 5,731,811 31 March 2020 £ 4,678,410 149,668 (117,095) _ 4,710,983 At 31 March 2021 £ 4,013,857 1,717,954 __ 5,731,811 At 31 March 2020 £ 4,042,093 668,890 _ 4,710,983 |
|---|---|---|---|---|
| At 31 March 2020 £ 4,042,093 668,890 __ 4,710,983 |
Revaluation reserve – this represents the market value of investments above cost.
19
Duchy Health Charity Limited
Notes
(forming part of the financial statements)
16 Transactions with Board members and connected persons
No Board member or any person connected with them received any remuneration from the charity with the exception of the following:
During the year Mr T Guy (Board Member) provided admin services to the charity. The total amount paid was £3,600 (2020: £4,870). £227 (2019:£nil) was also paid to Mr Guy in relation to reimbursed expenses. No amount was outstanding and included in creditors at the year end. The above transactions are allowed and in accordance with the Memorandum and Articles of Association.
Secretarial services were provided totalling £8,616 (2020: £8,160) by a firm in which Mr M Williams (Board Member) is a Partner. The amount due at the balance sheet date included within accruals was £2,196 (2020: £1,980).
Due to the nature of the charity’s operations and the composition of the Board, it is inevitable that occasionally transactions will take place with organisations in which a member of the Board, or persons connected with them, may have an interest. Board members do not vote on any decisions made regarding grants payable to organisations in which they have an interest.
The following Board members declared an interest in respect of grants approved during the year to 31 March 2021:
| 2021: | ||
|---|---|---|
| £ | ||
| M Williams | Age UK in Cornwall & the IOS | 5,000 |
| Mrs SJ Coode, M Williams | Merlin MS Centre | 5,000 |
| M Williams | Cornwall Hospice Care | 10,000 |
| M Williams | St Petrocs | 10,000 |
| M Williams | Cornwall Music Service Trust | 5,000 |
| Mrs MW Vyvyan, M Williams | Bosence Farm Community | 5,000 |
| M Williams | Disability Cornwall | 5,000 |
The following Board members declared an interest in respect of grants approved during the year to 31 March 2020:
| 2020: | ||
|---|---|---|
| £ | ||
| M Williams | Age UK in Cornwall & the IOS | 12,000 |
| Mrs M Vyvyan, M Williams | Bosence Farm Community | 18,500 |
The charity paid fees of £5,362 (2020: £5,767) to Stephens Scown LLP in respect of work carried out on behalf of the charity in the year. G Murdoch (Board Member) is a Partner of Stephens Scown LLP. The amount due at the balance sheet date, and included in trade creditors was £Nil (2020: £752) and in accruals £Nil (2020: £3,220).
17 The Mermaid Appeal Trust
On 9 September 2020 the Duchy Health Charity Limited became sole Corporate Trustee of The Mermaid Appeal Trust (registered in England, charity number 1043029). Duchy Health Charity has strong links with the Mermaid Appeal since it was set up in 1994, and will continue to operate the charity in accordance with the Trust Deed.
20