ThE DUCHY HEALTH CHARITY Duchy Health Charity Limited (Limited by Guarantee) Trustees, Report and Financial statements For the year ended 31 March 2024 Charity regislration number 271957 Company registration number 01268926
Duchy Health Charity Limited Contents ThE DUCHY HEALTH CHARITY P8ge Report of the Board of Trustees Independent auditors, report 10-12 statemenl of financial activities 13 Balance sheet 14 Notes lo the financial statements 15-21
Duchy Health Charity Limited Report of the Board of Trustees For the year ended 31 March 2024 THE DUCHY HEALTH CHARITY The Board of Trustees present their annual report for Ihe year ended 31 March 2024, together with the audited financial slalements 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.. Slalement of Recommended Practice applicable lo 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 lo promote the prevention and relief of sickness in Cornwall by such charitable means as the Board shall think fil. This is mainly through making grants and organising regular health seminars or leclLJres. Public benefit, aims and obj•¢tlVg5 The charity complies with the public benefit requirement through ils granl making programme. The trustees confirm that they have referred lo 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 al supporting charitable organisations whose work benefits the people of Cornwall and the Isles of Scilly. Organisation The Charity's Board comprises of up lo 25 members who meet four times per year. The following sub-commillees dealt with the charity's activities during the year.. Finance - Chair- Mark Williams Grants - Chair- Gaynor Coley Day to day activities of the Charity are managed by the SecretarylFinan¢e Chair, 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, and Childrer) and Young People.
Duchy Health Charity Limited Report of the Board of Trustees For the ye8r ended 31 March 2024 ThE DUCHY HEALTH CHARITY Achievements and performance - Chairman's report Intmduction 2023124 has been a period of change for Duchy Health Charity with Ihe retirement of a number of our longer seNing Trustees and the appointment of four new Trustees who bring with them new skills and some fresh thinking. The Charity continues to be extremely fortunate to have a Board which is active, creative, conscientious. and thoughfftil about the health and wellbeing of the people of Cornwall. Al our AGM in November 2023, our President, Michael Galsworthy CVO CBE DL who had worked tirelessly as President and previously, as Chair, lo further the activities of the Charity, raise its profile and enable il lo punch way above its weight across Cornwall and nationally, a150 stepped down from his role. Michael was succeeded in the role of President by Katharine, Viscountess Falmouth who has great experience of charitable work, particularly related to many aspects of health and wellbeing. She worked hard with Cornwall Foundation NHS Trust to raise £500k towards the Level 4 provision for mental health Isowennal for children and young people. She has a150 been involved in Promoting Effective Parenting.. Children's Hospice South West (CHSW) and the Comwall Women'5 Centre. Strategy The basis of our activities is the focus upon the health and wellbeing of the people of Cornwall. In doing this, prevention of ill heallh is a prionty through.. Supporting charities lo enhance the health and wellbeing of the population of Cornwall by the development of strategies to prevent and alleviate illness. Using the Board's skills and working in partnership with other organisations and institulions across Cornwall to influence and encourage change across health and wellbeing provider5 and stakeholder organisations. Acting as a catalyst for change, a conduit of knowledge and learning, lo enable learning to happen. Governance Throughout the course of the yeai. the Trustees have conducled an extensive review of Ihe Charity's Mernorandum and Articles of Association, risk management protocols. grant allocation criteria, and several key policies to ensure that the Charity continues lo fulfil its legal, financial. ethical and functional obligations, and possesses the capability lo assess the performance and effectiveness of the organisation. How 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 voluntary sectors.
Duchy Health Charity Limited Report of the Board of Trustees For the year ended 31 March 2024 ThE DUCHY HEALTH CHARITY Achievements and performance - Chairman's report (Continued) Priorities In terms of our grant giving, 2023124 has been another excellent year with granls lolalling almost £550K awarded, including £365K for the establishment of a new Integrated Health and Wellbeing Centre at Humphry Davy School in Penzance Isince the financial year end a further grant has been approved to enable the completion of the project). This has been an exciting project for the Charity to get involved with and bears teslimony lo Ihe Trustees. passion for improving access lo social prescribing for young people and their families across Cornwall. The Centre is due lo open in September 2024 and will be an embodiment of partnership working across different sectors and services from Public Health, Primary Care, Cornwall Council, and local charities such as Trelya and Barnardo's. with a truly inlergenerational approach lo ensure project sustainability within the community. The Trustees have subsequently indicated that further support will be provided for young people's social prescribing, with £50K of investment, over the next 5 years, into extending our work with the CHAOS Group to other geographical areas of Cornwall, and we are collaborating with Volunteer Cornwall and the Lead Chartered GP Clinical Psychologist at Launceston Medical Centre to deliver 8 Similar offer through the new Health Inequality Hub in the town. The enthusiasm shown by Comwall Council's 'Together for Families. SeNice, the Integrated Care Board IICBI and Dr Michael Dixon. Head of the Royal Medical Household and Chair of The College of Medicine and Inlegraled Health, in our plans to collaborate on this project is vindication, if il were needed, that the work could yield a radical and significant effect on the health and wellbeing of Cornwall's young people in years lo come. AS 8n illustration of the breadth of Duchy Health Charity's giving, over the la51 year we have awarded grants to.. Children's Sailing Trust, Trevassack - improving facilities for children with disabilities Age UK Cornwall and Isles of Scilly- social prescribing community garden and pain cafe Lambeage Hall, Coverack- improving access facilities for those with reduced mobility Brook Young People. Truro- mental health and wellbeing hub for young people The Oasis Cenlre, Newquay- wellbeing cafe The Chestnut Appeal for Men's Health, Isles of Scilly - raising awareness of and providing advice on proslate, testicular and penile cancers Glen Carne Anchor Point project, North Comwall - improving mental and emotional health and provide life and employability skills of disadvantaged people Citizenship 4 Life, mid Cornw811- mentoring programme for young people This is just a small cross section of the types of grants we have awarded and as awareness of Duchy Health Charity continues lo grow acr055 Cornwall so does the diversity of our grant giving.
Duchy Health Charity Limited Report of the Board of Trustees For the year ended 31 March 2024 THE DUCHY HEALTH CHARITY Achievements and performance - Chairman's report (Continued) Before awarding grants, Trustees give due consideration to a number of key indicators including.. Evidence of local need Potential benefit to the local community Anticipated outcomes Sustainability Impact on underreprÈsÈnted groups Cost effectiveness For a number of years, Duchy Health Charity has also given funding to local University and Further Education College students to recognise special achievement,. and to support students who may need additional financial assistance to help them maintain their studies but who are not eligible for the University bursary schemes, by way of an 'enablement' award - the Mary Grigg Award - named aftef a former Trustee. For various reasons the granting ofthese awards has not been easy and as a result the Trustees are reviewing the awards criteria and how they might be administered in the future. Conclusion 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 Cornw811. I thank all the Trustees for their hard work through the year. Dr Barbara Vann DL; Hon Dsc (Exeter) Chair Pog,
Duchy Health Charity Limited Report of the Board of Trustees For the year gnded 31 March 2024 THF. DUCHY HEALTH CHARITY Financial review Investment povRrs and pollcy The Charity's investrnent powers are set out in it5 memorandum and article5. 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 Chafity's investments. The funds are held on a long-lemi basis and an aveiage return of 6.8.10 on cost was obtsined during the year from these investments. Grant making pollcy Grant applications are considered by the Grant SutFCommittee who are able to approve individual applications of up to £30,000. Larger applications are referred by the Sub-committee to the Board for approval. The Charity aim5 to support projects which irnpfove direct healthcare in Cornwall and to a5SlSt 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 H05Pltal 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 15 received, the Board can utilise the Chanty's fixed asset investments. The Charity's total reserve5 are primarily held to generate an income to enable grant awards to be made each year. Risk management The BoaTd has asse55ed 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 lo these.
Duchy Health Charity Limited Report of the Board of Trustees For the y8ar ended 31 March 2024 THE nucHY HEALTH CHARITY Financial review (continued) Revlew of actlvities The income {PTimarily from dividends) was £262.161 {2023. £240,345), grants of £549,767 {2023'. £200.9941 have been approved in accordance with the objects of the Charity- A summary of the results is given on page 13. A summary of each year's net income and grants since becoming a granl making charity is shown below.. Net In¢ome avallable for distributlon Grants approved Grants withdrawn Year Net grants 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100.000 199.161 199,705 186,248 162,829 181,452 189,893 219,545 303,354 305.629 312.237 291.397 264.573 259.917 240,283 244,842 249,754 278,893 275,891 192,906 175,394 159,141 175,878 169.900 194,214 177,686 182,654 192,719 190,536 179.379 177.738 179.486 199,778 217,100 69,000 177,880 189,500 178,000 238,129 156,095 151,328 154,783 442.050 1,669.942 88.827 416,332 1,060,912 71,003 367,000 260,295 60,750 1.016,789 137,079 155.030 129,975 169,048 145,119 283,137 194,700 163,771 71,130 118,100 147,030 159.866 207,275 152,687 204,210 549,772 69,000 177.880 189,500 178,000 238,129 156,095 146,328 149,783 442.050 1,669.931 88,012 415,712 1,060,912 41,003 352,727 210,291 49,868 908.785 134.396 154,587 122,480 136,252 145,119 265,484 194.395 143.771 50,759 117,450 147,030 158,286 205,974 152,687 200,994 549,767 15,000) 15,000) (11) (8151 (6201 {30,000} (14,273) 150,004) 110,882) 1108,004) (2,6831 (4431 (7,4951 {32,796) 117,653) 1305) (20.000) {20,3711 {650) 11,580) 11,3011 {3,216) (5) 9,756.544 1333,107) 9,423,437 The Charity's retained surplus at 31 Mareh 2024 was £3,800,752 (see note 151. The Board are satisfied that taking into account its anticipated investmenl income, sufficient funds will be available to allow the Grant Committee's continued operation in the current year.
Duchy Health Charity Limited Report of the Board of Trustees For the year ended 31 March 2024 THE r)UCHY HEALTH CHARITY Reference and Administrative Details Name of Chari Duch Health Chari Limited Chari Corn re istration number: re istration number.. 271957 01268926 an Constitution: Cornpany lirniled by guarantee and a registered charity overned b its Memorandum and Articles of Associalion Istered office: Lowin House Tre olls Road. Truro. Cornwall TR1 2NA Postal address: PO Box 352. St Austell. Cornwall, PL25 9JE Webslte: www.duch healthchari .or Patron: The Former Duke of Cornwall President: Viscountess Falmouth - from 13, November 2023 Honora President: Michael Galsworth CVO CBE-from 13° November 2023 Directors and Trustees The directors of the charitable company I'the Charty.) are its trustees for the purpose of charity law and Ihroughoul this report are collectively referred to as Ihe Board. Board members musl also be members of Ihe Charty, 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 member5 are provided with copies of the Charity's financial st8temenls 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 election Date of last election Dr B Vann (Chairl IF) (GI Mrs C O'Brien (GI- resigned 5 FebTuary 2024 Mrs S-J Coode MBE (GI Mr TJ Guy (GI - resigned 13 November 2023 Mr G Murdoch IF) - resigned 13 November 2023 Mr M Williams IF) IG) Isecretaryl Mrs A Hambly-staite IG) Mr JR Croggon IF) Dr JA Evers IG} Dr TJ Anderson IGI Ms K Hutchinson {G) Ms GS Coley IG)- appointed 13 November 2023 Miss OCF Miller- appointed 13 November 2023 Prof AD Woolf- appointed 13 November 2023 Miss J Taylor- appointed 13 November 2023 24.09.01 24.09.01 17.11.05 22.07.08 11.02.13 20.10.14 15.06.15 01.02.16 29.01.18 25.02.18 13.11.23 13.11.23 13.11.23 13.11.23 13.11.23 14.11.22 14.11.22 14.11.22 14.11.22 14.11.22 26.10.20 22.11.21 14.11.22 22.11.21 22.11.21 13.11.23 13.11.23 13.11.23 13.11.23 13.11.23
Duchy Health Charity Limited Report of the Board of Trustees For the year ended 31 Manh 2024 THE DUCHY HEALTH CHARITY Reference and Administrative Details (continued) The following Board Members retiring by rotation offer themselves for re-election.. DT B Vann. Mrs SJ Coode and Mr M Williams. 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 wrth other invited individuals wth an interest in health care. Auditors: PKF Francis Clark. Lowin House, Tregolls Road, Truro. TR1 2NA Sollcltors: Tozers Solicitors LLP, Broadwalk House. Southernhay West, Exeter. EX1 1UA 8anker5: Lloyds Bank. 7 Boscawen Street, Truro, TR1 2QT Investment managers: The Charity's investments are held in Charrfund. 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 charily 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 thTough falling investrnent performance. This is monitored to ensure expenditure is kept wilhin the fund5 available. This is an ongoing Process and is subject lo regular review. Audlto A Tesolution proposing that PKF Francis Clark be reappoinled as auditors will be submitted to the Annual General Meeting.
Duchy Health Charity Limited Report of the Board of Trustees For the year ended 31 March 2024 THE DUCHY HEALTH CHARITY Statement of trustees, responsibilities The trustees (who are also directors of Duchy Health Charity Limited, for the purposes of company lawl 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 slate of affairs of the charitable company and of the inGoming reSoUrS and application of reSoUrs, including income and expenditure of the charrtable 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; slate 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 disc105e 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 charilable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of dlsclosure to audltor So far as the trustees are aware, there is no relevanl 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 a5 trustees in order to make themselves aware of any relevant audit infomiation and to establish that the charitable company's auditors are aware of that information. This report has been prepared in aGcordanGe with the special provisions of Part 15 oflhe Companies Act 2006 relating lo small companies. Signed on behalf of the Trustees by Lowin House Tregolls Road TRURO Cornwall TR1 2NA M Wllllams BA {Hons) FCA DChA SeGret8ry 22 July 2024
Duchy Health Charity Limited Independent auditors, report to the Members of Duchy Health Charity Limited 1HE DUCHY HEALTH CHARITY Oplnlon We have audited the financial statements of Duchy Health Charity Limited Ilhe 'chaTrtable company'l for the year ended 31 March 2024 which comprise the statement of financial aclivilies. balance sheet and notes lo the financial 51alemen15, Including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparabon is applicable law and Unrted Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in th8 UK and Republic of Iland (United Kingdom Generalty Accepted Accounting Praclicel. In our opinion the financKal slalemenls.. give a true and fair view ol the slate of the charitable company's affair5 as al 31 March 2024, and of ts incoming resources and application of resources, includsng ils income and expenditure, for the year then ended., have been property prepared in accordance wrth Unrted Kingdom Generalty Accopled Accounting Practice,. and have been prepare(l in accordance with the requiTemen15 of the Companie5 Act 2006. Basis for oplnion We conducted our audit in accordance with Inlemalional Stsndard8 on Auditing IUKI IISAS IUKII and applicablg law. Our responsibilities under those standards are further described In the Audrtor's responsibilities for the audit of the financial 5talemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK. including the FRC'S Elhi¢al Standard. and we have fulfilled OLJr other elhi¢al SPonsibl11t7es in accordance with these requirements. We believe that the èudil evidence we have obtained is sufficient and appTOPTiale lo provide a ba515 for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the directors use of the gDing Concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainlps relating to even15 or conditions that, Individually or collectively, may cast significant doubl on the company'5 ability lo continue as going concern lor a period of al lea51 twelve months from when the original financial 51alemenls were aulhorised for issue. Our Tespon51b11rtie5 and the re8ponsibilities of the Iruslees with respect lo going concem are described in the relevant se¢tion5 of this report. Oihor informatlon The Iruslee5 are responsible for the other information. Thg other information comprises the information include(6 in the Report of the Board of Trustees. other than the financial slalemenls and our audilorfs report Ihereon. OUT opinion on the f1nancial statements does not cover the other information and, except lo the exienl otheise explicitly slated in our report. we do not express any fom of assurance conclusion theon. In connection with our audit of the financial 51alements, our responsibility is lo read the other infomialion 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 lo be materially misstated. If we idenlfy such rnalerial incons15tencie5 or apparent material misslatemenls, we are required lo determine whether there Is a material misstalemenl in the financial slalemenls or a material misststement of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other infomation, we are required to report that fact. We have nothing lo report in this regard.
Duchy Health Charity Limited Independent auditors, report to the Members of Duchy Health Charity Limited ThE DUCHY HEALTH CHARITY Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion. bosed on the work undertaken in the course of the audit.. the information given in the Report of the Board of Trustees lin¢orporaling the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial slalemenls.. and the directors, report has been prepared in accordance with applicable legal Tequiremenls. Matters on whlch we are requlred to report by exception In the light of our knowledge and understanding of tho Charitable company and ils environment obtained in the course of the audit. we have not identified material misslalements in the Report of the Board of Trustees. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to port lo you ff, in our opinion.. adequate accounting records have not been kept, or returns adequate for OUT audit have not beon received from branches not visited by us, or the financial slalemenls are not in agreement with the accounting recoids and returns., or certain disclosures of directors. remuneration specsfied by law are not made.. or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully In the Iru51ees' respon51bililies slalemenl Sel out on page 8. the Iruslees (who are also the directors of the charitable company for the purposes ol company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and f¢Jr such internal control a5 the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing Ihefinancial stalernenls. the trustees are responsible for assessing the chantable company's ability lo continue as a going concern, disclosing, a5 applicable, maller5 rèlated lo going concem and using the going concern basis ol accounting unles5 the trustees either Intend lo liquidate the charrtable company or to cease operation5, or have no realistic alternative bul lo do so. Auditorfs responsibilities for the audit of the financial statements Our objective5 are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl. whether due to fraud or error, and 10 155ue an auditor's report that includes our opinion. Reasonable assurance is a high level of as5Uf3nce bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS delecl a material misslalement when il exists. Misslalements can arise from fraud or error and S considered material rf. individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, Including fraud, are instances of non-compliance Wbth laws and regulations. We design procedures in line with our respon5ibililies. outlined above. lo delecl material misststemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of dete¢ling irregularities, including fraud is delaile(I below.. As part of the audit work, we obtained an understanding of the legal and regulatory framework that is applicable lo the charity and tho sector in which il operates. The key law and regulation we identified ig employrnenl law. We also considered Ih05e laws and regulations that have a direct impact on the preparation ol the financial statements such as Companies Act 2006, Charrties Act 2011 and compliance wrth the Charrties Statement of Recommended Practi.
Duchy Health Charity Limited Independent auditors, report to the Members of Duchy Health Charity Limited ThIE DUCHY HEALTH CHARITY We discussed with management how the compliance with these laws and regulation is monitored. We assessed the susceptibility of the charity's financial statements lo material misslatemenl, including how fraud might occur as part of the audit planning process. We determined that these T15ks ale k)w considering tho fad that the charity operates on a nol-for-profil basis and so there would be no motivation lo 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 lo idenlfy non-compliance with such laws and regulations. Our procedures included the following". We reviewed legal and professional costs lo identify any possibl8 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. A5 part of OUT enquires we discussed with management whether there have been any known instsnces. allegations or suspicions of fraud of which the were none. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularrties, including those leading lo a material misslalemenl in the financial slalemenls. This risk increase5 the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements a5 we are less like lo become aware of instances ol non-compliance, The risk of not delecling 8 material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment, collusion, omission or m15Tepre5enlalion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable company's member5, as a ljody, in accordance with ChapleT 3 of Part 16 oflhe Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's member5 those rnatters we are required to stale lo them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility lo anyone other than the chaTilable company and the chafilable company's members a5 a body, for our audit work, for this report, or for the opinion5 we have fomied. PLF frcre'is Cl(rL Darren Perry BA {Hons) ACA DChA {Senlor Statutory Auditor) PKF Francis Clark Chartered Accountants Slalutory Auditors Lowin House Tregolls Road TRURO Cornwall TR12NA Date. Ib AJeJ@t- 2024
Duchy Health Charity Limited statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2024 Tr4E DUCHY HEALTH CHARITY Unrestricted fund5 2024 Total 2023 Total Notes Income: Investments other 262.161 262,161 240,345 Totsl income 262,161 262.161 240,345 Expendlture on: Charitable activities 5g4,828 594.828 241,561 Total expenditure 594.828 694,828 241,561 Net expenditure for the year before gainslllossesl on Investments (332,667) 1332,6671 11,2161 Gainslllossesl on investrrents 73,792 73,792 {289,384) Net expenditure for the year and net movement in funds (258,875) 1258,8751 1290.6001 Reconclliation of funds Total funds brought forward 5,878,032 5.878.032 6,168,632 Total funds carrled foard 5,619,157 5,619,157 5,878,032 All income and expenditure is derived from continuing activities. The slalemenl of financial activities includes all gain5 and losses recognised in the year. All funds in the prior year were unreslricted.
Duchy Health Charity Limited Balance sheet As at 37 March 2024 THE DUCHY HEALTH CHARITY 2024 2023 Notes Fixed assets Investments 12 5,621,903 5,848,112 Current assots Cash at bank - deposit accounts Cash at bank- current account 503.549 {8,077} 148,632 5,001 Total current assets 495,472 153,633 Creditors: amounts falling due within one year 13 (498,2181 (123,7131 Net current (liabilities)lassets 12,7461 29,920 Net assets 14 5,619,157 5.878,032 Funds of the charity Unrestricted funds Unrestricted funds - revaluation reserve 15 15 3,800,752 1,818,405 4,039,440 1,838,592 Total charfty funds 5,619,157 5,878,032 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 Williarns FCA DChA Secretary/treasurer Approved and authorised for issue by the Trustees on 22 July 2024. Company registration No. 01268926
Duchy Health Charity Limited Notes (foming p8rt of the financial statements) THE DUCHY HEALTH CHARITY General infomiatio The company Is incorporated a5 a company limited by guarantee and does not have share capital. In the event of the company being wound LJP each member is liable lo contribute a sum not exceeding £1 towards the liabilrties of the company and the cosis, charges and expenses of winding up. Summary of significant accounting pollclg$ 2.1 Accountlng conventlon and basls of preparation The financial sialemenls have been prepad in accordance with Accounting and Reporting by Charilv&s'. Statement of Recommended Practice applicable lo charities preparing their frnancial slalemenls in accordance with the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006. Duchy Health Charity Limf(ed meets the definrtion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al hislorical cost or transaction value unless otherwise slated in the relevant accounting policy note. The financial 5talemenls are prepared in Sterling which is the functional currency of the charity and rounded lo 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 requiremen15 of a small group. The charrtable group is also below the threshold for preparing consolidated financial slalemenls under tho Charities Act. 2.2 Income Income is accounted for in the period in which the charitable company is enlilled to receipt. 2.3 Expenses Expendrture is included on an accruals basis. Irrecoverable VAT is included with the item of expense to whi¢h il relates. Expendrture is directly allribulable lo specrfic activities and has been included in those cost categories. Grants payable are charged in the period when the offer is conveyed lo the recipient except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions allaching are fulfilled. Gran15 offered Subject lo condition5 which have not been rnel al the period end are noted as a cornmilmenl, bul not accrued as expenditure. Employee beneflts The cost of any unused holiday enlillement is recognised in the period in which the employee's services are recewed. Termination benefits are recognised immediatety as an expense when the charity 15 demonstrably commrtled lo leminate the employment of an employee or lo provide lerminalion benefit$. The company operates a defined contribution pension s¢heme. The assets of the scheme are held separately from those of the company in an independenlty administered fund. The amount charged lo the statement of financial actNilie5 represents the contributions payable lo the scheme in respect of the accounting period. 2.4 Unrestrlcted and designated funds These funds have been made available lo the Iiuslees without specific conditions. The use of unreslricled funds is entirely al the d15crelion of the trustees. Designated funds are unrestrrted fund$ earmarked by the Iruslees for particulaf purposes. All of th8 charity's funds are unre51ricled.
Duchy Health Charity Limited Notes {fonning part of the financi81 statements) THE DUCHY HEALTH CHARITY 2.5 Taxation The company is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the lest sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definitn of a charitable company for UK corporation lax purposes. 2.6 hxed asset Investments Investments are a form of basic financial instrument and are slated in the financial statements at fairlmarkel value. Unrealised gains on investments a calculated by reference lo the drfference between fairlmarkel value from one year lo the next. Re8115ed gain5 or ID5ses are calculated by referen lo the difference between proceeds of sale and the carrying value of the investment al the previous year end. Realised and unrealised gains or losses are combined in the slalemenl of financial aclivilies. 2.7 Debtors and credltors Debtors rgceivable and creditors payable within one yoar are recoTded al transaction price. Investment Income 2024 2023 Bank InteSt Listed investment income 3,937 258.224 246 240,099 262,161 240.345 Other Income 2023 2022 Sponsorship income Expenditure on charitable activitie5 2024 2023 Grants payable (note 61 Awards Support costs Inote 71 549,767 500 44.561 200,994 2,000 38,567 $94,828 241.561
Duchy Health Charity Limited Notes (forming part of the financial statements) ThE DUCHY HEALTH CHARITY Grants payable 2024 2023 Age UK in Cornwall and the IOS- Social Prescribing Age UK in Cornwall and the IOS- Pain Cale Bosence Farm Community BoLJrnemoulh Symphony Orchestra Brook Young Pèople The Chaos Group Children's Sailing Trust Citizenship for Life City Life Church Baby and Toddler Group Clear Cornwall Accessible Activities Programme Cornwall Community Foundation Cornwall Community Land Trust Cosmetic Toilelry and Perfumery Foundation Coverack Lambeage Village Hall Crackerjack Children's Trust Dementia UK Drama Express East Cornwall Search and Rescue Glen Carne GW Arts CIC Humphry Davy School. Penzan(l} Joss Searchlight Marie Curie Meningitis Now Plymouth Sports Charity Ltd The Chestnut Appeal for Men's Health The Oasis Centre Cornwall Trelya V Learning - Step into Learning Volunteer Comwall Grants withdrawn 5,000 2,550 20,000 3,164 15,000 30,000 11,233 10,685 1,000 20,000 25.000 5,000 5,000 50,000 2,000 1,960 30.000 950 750 16,000 1,000 20,000 2.000 4.200 2,000 365,000 2,500 30.000 2,000 5,000 2,500 4,990 20,000 12,500 25,000 {5} 13,2161 549.767 200,994 This grant was awarded following 8 strategic decision to support a larger capital project from the Charity's accLJmLJlated reserves.
Duchy Health Charity Limited Notes (ftjmjing part of the financi81 statements) 171E DUCHY HEALTH CHARITY Support costs 2024 2023 Wages and salarie5 Inole 101 Office facilities, postage and stationery Telephone Admin SLJPPOrt PLJblic relation5 Sundry expenses Bank charges Insurance Professional fees Website and IT costs Memberships storage costs Governance (note 81 18,980 1.597 726 15,927 224 638 600 89 777 183 447 698 155 441 2.472 9.771 8.045 702 300 12.715 7,641 44.561 38.567 Governanco costs 2024 2023 AGM event Audit fees Professional fees Trustee Indemnity insurance Venue costs 1.611 4,120 3,787 1,758 1.439 3.270 1.814 1.476 1,081 12,715 7.641 Net movgment in funds 2024 2023 Is slated after charging.. Auditor's remuneration- current year Auditor's remuneration- prior year 3,820 300 3,270 10 Staff costs 2024 2023 Salaries Pension cos15 Other expenses 17,420 335 1,225 14.600 257 1.070 18,980 15,927 Since April 2022 the charity has ernployed a part time adminislralor, responsible for managing day lo day activities of the charity10.4 FTEI.
Duchy Health Charity Limited T14E DUCHY Notes (fomiing part of the financial statements) HEALTH CHARITY 11 Transa¢tlons with trustees and connected persons Due to the nature of the charty's operation5 and composiiion of the trustees, it is inevitable that transactions will lake place with organisalions and individuals in which a ITuslee or persons connected with them, may have an interest. Trustees do not vole on any decision made Tegarding gfants payable to organi5alions in which they have an interest. See note 16. The directors Ilruslees under charity lawl are the only key management personnel. See Note 16 for delai15 01 remuneration payable. 12 Investments Listed Investments Valuation Al 1 April 2023 Disposals Revaluation 5,848.112 1314,5461 88,337 At 31 March 2024 5,621,903 Cost At 31 March 2024 3.803.498 At 31 March 2023 4,009,520 Significant holdings included in fixed asset investments 8131 March 2024 were as follows.. Market Value 915,485.08 Charibond Unrts 81110.44p per unrt 175,692.97 Charifund Units at 1,456.08p per unil 649,642.89 Global Dividend Fund Uni15 at 315.96p per unit 1,011,t62 2.558.230 2,052,611 5,621.903 13 Credltors.. amounts falling due Mthin one year 2024 2023 Trade Creditors Duchy Bond loans Grants payable Other creditor5 Ac¢ruals and deferred income 35 5.655 113,739 5,855 488,662 61 3.840 4,230 498.218 123.713
Duchy Health Charity Limited Notes (fomiing part of the financial stat8n7ents) 14 Analysis of net assets between fund5 ThE DUCHY HEALTH CHARITY Unrestrlcted funds 31 Mah 2024 Fixed assets Current as5els Current liabilities 5,621,903 495,472 1498,2181 5,621,903 495,472 1498,2181 5.619.157 5.619,157 Unreslricled funds 31 March 2023 Fixed assets Current asse15 Curienl liabilities 5,848,112 153,633 1123,7131 5.848,112 153,633 (123,7131 5,878,032 5,878,032 15 Unrestricted funds Current year funds movement A11 April 2023 At31 March 2024 Total income Total expenditure Investment losse51 transfers General fund Revaluation reserve 4,039,440 1,838,592 262.161 1594,8281 93,979 {20,1871 3,800,752 1.818.405 Total 5.878,032 262,161 1594.82BI 73,792 5,619,157 Prior year funds movement A11 Apnl 2022 At31 March 2023 Total income Total expenditure Investment 105ses General fund Revaluation reserve 4,040,6 2.127,976 240,345 1241,5611 4,039,440 1,838,592 1289,3841 Total 6,168,632 240.345 1241,561) 1289,3841 5,876.032 Revaluation reserve- this represents the market value of investment5 above cost.
Duchy Health Charity Limited THE DUCHY Notes (fofftiing part of the financial statements) HEALTH CHARITY 16 Transactlons with Board mernbers and connectgd pgrsons No Board member or any person connected with them received any remuneration frorn the charity with the exception of the following.. During the prior year Mr T Guy IBoaTd Member al that limel Provided admin services to the charity. The lolal amount paid was £6001. The above Iransaclion5 are allowed and In accordance with the Memorandum and Articles of Association. Reimbursement for expenses incurred of £436 12023.. £1151 were made lo two trustees 12023." one trusleel. No amount wa5 oulslanding and included in creditors at the year end. Due to the nature of the charity's operations and the composition of the Board, it is inevitable that occasionally transactions will lake place with organisations in which a member of the Board, or persons connected wf(h them, may have an interest. Board members do not vole on any decisions made Tegarding grants payable to organisalions in which they have an interest. The foSlowing Board members declared an interest in respect of grants approved during the year to 31 March 2024.. Ms K Hutchinson Chaos Group 30,000 The following Board members declared an intere81 in respect of grants approved during the year lo 31 March 2023.. Mrs M Vyvyan. M Williams Ms K Hul¢hinson M Williams Bosence Fami Community Chaos Group Cornwall Community Foundation 20,000 25,000 50,000 17 The Momiaid Appeal Trust The Duchy Health Charity Limited is sole Corporate Trustee of The Mermaid Appeal Trust Iregislered in England. charity number 10430291. Duchy Health Charity ha5 Strong link5 with the Mermaid Appeal sinco (( wa5 sel up in 1994 and continuos lo operate the charity in accordance wf(h the Trust Deed.