2023-03-31-accounts

Duchy Health Charity Limited (Limited by Guarantee)

Trustees’ Report and Financial Statements

For the year ended 31 March 2023

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 2023

The Board of Trustees present their annual report for the year ended 31 March 2023, 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 and 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 with support provided by the administrator, a new paid post from April 2022.

Several working groups have also been established to focus on key areas of the Charity’s activities, namely Governance, IT, and Children and Young People.

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Duchy Health Charity Limited

Report of the Board of Trustees

For the year ended 31 March 2023

Achievements and performance – Chairman’s report

Introduction

It has been a good year: we have awarded grants of over £200k, which encourage and deliver some significant projects that link directly to the purposes of Duchy Health Charity. To do this, every member of the Board has taken responsibility or supported a particular aspect of our health and wellbeing programme for the people of Cornwall.

Additionally, for some years now, the Board has given awards to students in Further and Higher Education who have made outstanding achievements in their chosen field of health related disciplines. Some students have also received grants to help them maintain their studies during times of hardship. We are grateful to tutors and lecturers who have identified the recipients in each institution. One of our Trustees has attended each institution’s ceremonies to present the awards.

Strategy

Duchy Health Charity focuses upon the health and wellbeing of the people of Cornwall. In doing this prevention of ill health is a priority within and across Cornwall. We aim:

• 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.

• To use the Board’s skills, influence, and facilitation to encourage change across health and wellbeing providers, commissioning and stakeholder organisations.

• To act as a catalyst for change, a conduit of knowledge and learning, to enable learning to happen.

How do we do this?

Primarily, through the targeted use of Duchy Health Charity funds and the acquisition and application of local knowledge; we act as an enabler to the health, social care and the voluntary sectors. Having taken advice from interested stakeholders such as patients, and clinicians, we facilitate service design, provision and integration to meet the people of Cornwall’s health and social care needs.

Priorities

As an illustration of the breadth of DHC’s giving, over the last two years we have awarded grants to:

• Young people’s social prescribing, Truro and St Austell

• Nine Maidens Alternative Provision Academy, Four Lanes – quiet spaces project

• Integrated Admiral Nursing Service, Treliske - for people with dementia and their families

• Bosence Farm Community, Hayle - for the treatment of drug and alcohol addiction

• Children’s Sailing Trust, Garras - improving facilities for children with disabilities

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Duchy Health Charity Limited

Report of the Board of Trustees

For the year ended 31 March 2023

Achievements and performance – Chairman’s report (continued)

• Trelya, Penzance – West Cornwall Heartbeats – programme of activities to improve heart health

• Marie Curie bereavement support service across Cornwall

As can be seen from the above list, the types of organisations to which we have given grants is diverse and the amounts are similarly varied. All applications are made via the DHC website and are discussed at the Grants committee meetings. Any potential Conflicts of Interest are declared.

Happily the Board were able to appoint an Administrator this year. Her role in assisting and encouraging applicants has been of great help which may be one reason why we have been successful in donating a higher level of grant this year.

Less successfully, Duchy Health Charity in its role as Corporate Trustee of the Mermaid Appeal Trust have been meeting with representatives of Royal Cornwall Hospital Trust with the intention of using the designated funding for the Mermaid Centre. Many hours have been spent but as yet there is no decision.

Conclusion

The Trustees are indebted to Mark Williams, Treasurer and Company Secretary, who has given timely and sound advice to the Board throughout the year. He is well supported by Jonathon Croggon and Graham Murdoch on the Finance Committee and by our investment advisors.

This report confirms that the Duchy Health Charity continues to be in good order, is fulfilling its purpose and is having an impact upon health and wellbeing in Cornwall. I thank all the Trustees and the President, Michael Galsworthy, for their hard work through the year.

Dr Barbara Vann DL; Hon DSc (Exeter) Chair

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Duchy Health Charity Limited

Report of the Board of Trustees

For the year ended 31 March 2023

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 funds are held on a long-term basis and an average return of 6.0% 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.

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Duchy Health Charity Limited

Report of the Board of Trustees

For the year ended 31 March 2023

Financial review (continued)

Review of activities

The income (primarily from dividends) was £240,345 (2022: £215,894); grants of £200,994 (2022: £152,687) 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
2022	179,486	152,687	-	152,687
2023	199,778	204,210	(3,216)	200,994
		9,206,772	(333,102)	8,873,670

The Charity’s retained surplus at 31 March 2023 was £4,039,440 (see note 15). The Board are satisfied that taking into account its anticipated investment income, sufficient funds will be available to allow the Grant Committee’s 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 2023

Reference and Administrative Details

----- Start of picture text -----
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
Registered office: Lowin House, Tregolls Road, Truro, Cornwall TR1 2NA
Postal address: PO Box 352, St Austell, Cornwall, PL25 9JE
Website: www.duchyhealthcharity.org
Patron: The Former Duke of Cornwall
President: Michael Galsworthy CVO CBE
----- End of picture text -----

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	14.11.22
Mrs C O’Brien (G)	24.09.01	14.11.22
Mrs S-J Coode MBE (G)	17.11.05	14.11.22
Mrs M Vyvyan (G) – resigned 1 August 2022	27.02.08	22.11.21
TJ Guy (G)	22.07.08	14.11.22
S Bennett (G) – resigned 9 May 2022	09.07.12	22.11.21
G Murdoch (F)	11.02.13	14.11.22
M Williams (F) (G) (Secretary)	20.10.14	26.10.20
Mrs A Hambly-Staite (G)	15.06.15	22.11.21
JR Croggon (F)	01.02.16	14.11.22
JI Robinson (G) – resigned 5 January 2023	08.05.17	26.10.20
Dr JA Evers (G)	29.01.18	22.11.21
Dr TJ Anderson (G)	25.02.18	22.11.21
Ms K Hutchinson (G) – appointed 9 May 2022	-	-

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Duchy Health Charity Limited

Report of the Board of Trustees

For the year ended 31 March 2023

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, Mr TJ Guy, Mr G Murdoch and Mr J Croggon.

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.

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Duchy Health Charity Limited

Report of the Board of Trustees

For the year ended 31 March 2023

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the SORP 2019 (FRS102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and

• 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

Lowin House Tregolls Road TRURO Cornwall TR1 2NA

M Williams FCA DChA Secretary

7 August 2023

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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 2023 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:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• 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.

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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:

• 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

• 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:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• 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. The key law and regulation we identified is employment law. 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.

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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:

• We reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.

• We reviewed board minutes.

• We made enquires of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.

• 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: 16 August 2023

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Duchy Health Charity Limited

Statement of financial activities

(incorporating income and expenditure account)

For the year ended 31 March 2023

		Unrestricted	2023	2022
	Notes	funds	Total	Total
		£	£	£
Income:
Investments	3	240,345	240,345	215,894
Other	4	-	-	-
		__	__	__
Total income		240,345	240,345	215,894
		__	__	__
Expenditure on:
Charitable activities	5	241,561	241,561	189,095
		__	__	__
Total expenditure		241,561	241,561	189,095
		__	__	__
Net (expenditure)/income for the year
before (losses)/gains on investments		(1,216)	(1,216)	26,799
(Losses)/gains on investments		(289,384)	(289,384)	410,022
		__	__	__
Net (expenditure)/income for the year
and net movement in funds		(290,600)	(290,600)	436,821
Reconciliation of funds
Total funds brought forward		6,168,632	6,168,632	5,731,811
		__	__	__
Total funds carried forward		5,878,032	5,878,032	6,168,632

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.

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Duchy Health Charity Limited

Balance sheet

As at 31 March 2023

Notes £ Fixed assets Investments 12 Current assets Cash at bank - deposit accounts 148,632 Cash at bank - current account 5,001 __ Total current assets 153,633 Creditors: amounts falling due within one year 13 (123,713) __ Net current assets Net assets 14 Funds of the charity Unrestricted funds 15 Unrestricted funds - revaluation reserve 15 Total charity funds	2023 £ £ 5,848,112 126,923 3,579 _ 130,502 (99,366) _ 29,920 5,878,032 4,039,440 1,838,592 __ 5,878,032	2022 £ 6,137,496 31,136 6,168,632 4,040,656 2,127,976 __ 6,168,632

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 7 August 2023.

Company registration No. 01268926

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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 2019) – (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 Income

Income is accounted for in the period in which the charitable company is entitled to receipt.

2.3 Expenses

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.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the statement of financial activities represents the contributions payable to the scheme in respect of the accounting period.

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.

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Duchy Health Charity Limited

Notes

(forming part of the financial statements)

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.

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 Sponsorship income Expenditure on charitable activities Grants payable (note 6) Seminars/events/engagement work Awards Support costs (note 7)	2023 £ 246 240,099 __ 240,345 2023 £ - 2023 £ 200,994 - 2,000 38,567 __ 241,561	2022 £ 13 215,881 __ 215,894
		2022 £ -
		2022 £ 152,687 2,727 500 33,181 __ 189,095

4 Other income

5 Expenditure on charitable activities

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Duchy Health Charity Limited

Notes

(forming part of the financial statements)

6 Grants payable

Grants payable
	2023	2022
	£	£
Bosence Farm Community	20,000	-
Carers UK	-	5,000
The Chaos Group	25,000	31,333
Clear	5,000	10,000
Cornwall Community Foundation	50,000	-
Cosmetic Toiletry and Perfumery Foundation	1,960	-
Crackerjack Children’s Trust	750	-
Cruse Bereavement Care	-	5,310
Dementia UK	16,000	-
Drama Express	1,000	1,000
East Cornwall Search and Rescue	20,000	-
First Light South West	-	11,740
HF Trust	-	8,000
Marie Curie	30,000	-
Meningitis Now	2,000	-
Merlin MS Centre	-	11,568
PBC Foundation	-	1,421
Shallal	-	5,000
Shine Charity	-	1,000
South West Ambulance Charity	-	6,315
The Challenge Charity	-	5,000
The Hugs Foundation	-	5,000
Trelya	20,000	20,000
Truro Loops	-	5,000
University of Exeter	-	20,000
V Learning – Step into Learning	12,500	-
Grants withdrawn	(3,216)	-
	__	__
	200,994	152,687

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Duchy Health Charity Limited

Notes

(forming part of the financial statements)

7 Support costs Wages and salaries (note 10) Office facilities, postage and stationery Telephone Admin support Public relations Sundry expenses Bank charges Donations Insurance Professional fees Website and IT costs Governance (note 8) 8 Governance costs Professional fees Audit fees Trustee indemnity insurance Venue costs 9 Net movement in funds Is stated after charging: Auditors remuneration – audit 10 Staff costs Salaries Pension costs Other expenses	2023 £ 15,927 224 638 600 - 698 155 - 441 2,472 9,771 7,641 __ 38,567 2023 £ 1,814 3,270 1,476 1,081 7,641 2023 £ 3,270 2023 £ 14,600 257 1,070 15,927	2022 £ - 9,462 - 3,881 150 761 156 200 308 1,824 3,882 12,557 __ 33,181 2022 £ 7,223 2,908 2,426 - 12,557 2022 £ 2,908 2022 £ - - - -

From April 2022 the charity has employed a part time administrator, responsible for managing day to day activities of the charity (0.4 FTE).

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Duchy Health Charity Limited

Notes

(forming part of the financial statements)

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.

12 Investments

Investments
	Listed
	Investments
	£
Valuation
At 1 April 2022	6,137,496
Revaluation	(289,384)
	__
At 31 March 2023	5,848,112
Cost
At 31 March 2023 and 31 March 2022	4,009,520

Significant holdings included in fixed asset investments at 31 March 2023 were as follows:

962,694.972 Charibond Units at 109.55p per unit 185,762.587 Charifund Units at 1,483.17p per unit 687,942.394 Global Dividend Fund Units at 296.29p per unit Creditors: amounts falling due within one year 2023 £ Trade creditors 35 Duchy Bond loans 5,655 Grants payable 113,739 Other creditors 54 Accruals and deferred income 4,230 __ 123,713	Market Value £ 1,054,632 2,755,175 2,038,305 __ 5,848,112
	2022 £ - 5,655 88,312 - 5,399 __ 99,366

13 Creditors: amounts falling due within one year

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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 2022 £ 4,040,656 2,127,976 _ 6,168,632 At 1 April 2021 £ 4,013,857 1,717,954 _ 5,731,811	Unrestricted funds £ 5,848,112 153,633 (123,713) __ 5,878,032 Unrestricted funds £ 6,137,496 130,502 (99,366) _ 6,168,362 Total income Total expenditure Investment losses £ £ £ 240,345 (241,561) - - - (289,384) _ _ _ 240,345 (241,561) (289,384) Total income Total expenditure Investment gains £ £ £ 215,894 (189,095) - - - 410,022 _ _ __ 215,894 (189,095) 410,022	31 March 2023 £ 5,848,112 153,633 (123,713) __ 5,878,032 31 March 2022 £ 6,137,496 130,502 (99,366) _ 6,168,362 At 31 March 2023 £ 4,039,440 1,838,592 __ 5,878,032 At 31 March 2022 £ 4,040,656 2,127,976 _ 6,168,632

Revaluation reserve – this represents the market value of investments above cost.

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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 £600 (2022: £3,600). £115 (2022: £86) 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 £Nil (2022: £9,462) 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 £Nil (2022: £2,469).

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 2023:

March 2023:
		£
Mrs M Vyvyan, M Williams	Bosence Farm Community	20,000
Ms K Hutchinson	Chaos Group	25,000
M Williams	Cornwall Community Foundation	50,000
The following Board members declared an interest in respect of grants approved during the year to 31
March 2022:
		£
Mrs A Hambly-Staite, S Bennett	University of Exeter	20,000
Mrs SJ Coode, M Williams	Merlin MS Centre	11,568

The charity paid fees of £Nil (2022: £1,831) 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 creditors was £Nil (2022: £Nil).

17 The Mermaid Appeal Trust

The Duchy Health Charity Limited is 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 continues to operate the charity in accordance with the Trust Deed.

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