Charity Registration No. 277785
FRIENDS OF LYDNEY HOSPITAL
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
FRIENDS OF LYDNEY HOSPITAL
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr J Williams Viscount Bledisloe Mrs M Thurston Mr A Midgley Charity number 277785 Principal address Watts of Lydney Group Limited Althorpe House High Street Lydney Glos GL15 5DD Independent examiner Griffiths Marshall Beaumont House 172 Southgate Street Gloucester GL1 2EZ
FRIENDS OF LYDNEY HOSPITAL
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
FRIENDS OF LYDNEY HOSPITAL
TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Trustees present their report and financial statements for the year ended 30 September 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are to support the activities around Lydney & District Hospital as stated in the Declaration of Trust dated 20th April 1979 by A M R Watts, M L Thomas, J R L Carson and A M R Rogers.
The Friends continue to assist Lydney Hospital with purchases of equipment and support for staff and patients. Besides supplying minor equipment, a new Hi Lo Bed and a Boston Waterfall Reclining Chair have been provided which have been greatly appreciated by both staff and patients.
Trustees and the management committee have maintained a close relationship with the Health Authorities to ensure that Urgent Care and Outpatient facilities continue to be provided locally. In particular the decision to concentrate minor injuries and illnesses for the whole Forest District at Lydney Hospital throughout the Covid Pandemic has been facilitated by the Friends.
Over many years we have had excellent provision and do not wish the ever-increasing population of the South Forest to be disadvantaged by centralisation of existing services.
Once the new Forest Community Hospital has been built and commissioned in Cinderford the aspiration is to replace any lost services in a new innovative 21st century facility for Lydney and the South of the Forest of Dean. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake in supporting this rationalisation of health facilities.
Financial review
The majority of the funds are managed by COIF Charity Investment Fund which whilst producing an income, has also held in value during the pandemic.
The Trustees now have substantial reserves and when the direction of the new health provision in Lydney and the South Forest is better known, the Trustees will consider how they can be used to supplement local services; in the meantime they will continue to support the provision of services at Lydney Hospital.
Investments are held for the purpose of generating a financial return which will be applied to present and
future charitable purposes.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr J Williams Viscount Bledisloe Mrs M Thurston Mr A Midgley
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FRIENDS OF LYDNEY HOSPITAL
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
A new Trustee, Mr Anthony Midgley has been appointed to replace Mr B James who died during the year. He has also assumed the vacant role of Treasurer on the Management Committee.
Should vacancies occur in the Board of Trustees, new Trustees are appointed following interview and the usual recruitment checks.
In accordance with the Trust Deed, the management of the charity is delegated to the 'Committee of Friends of Lydney Hospital', which is elected in accordance with the Trust Deed.
The Trustees r eport was approved by the Board of Trustees.
Mrs M Thurston Trustees Dated: 12 May 2022
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FRIENDS OF LYDNEY HOSPITAL
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF LYDNEY HOSPITAL
I report to the Trustees on my examination of the financial statements of Friends of Lydney Hospital (the charity) for the year ended 30 September 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Ian Price (FCA)
Griffiths Marshall Beaumont House 172 Southgate Street Gloucester GL1 2EZ
Dated: 12 May 2022
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FRIENDS OF LYDNEY HOSPITAL
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 103,392 - Charitable activities Other trading activities 4 - - Investments 5 47,389 10 Total income 150,781 10 Expenditure on: Raising funds Fundraising and publicity 6 79 - Charitable activities Charitable Activities 7 15,105 - Total charitable expenditure 15,105 - Total resources expended 15,184 - Net gains/(losses) on investments 11 211,890 - Net movement in funds 347,487 10 Fund balances at 1 October 2020 1,763,811 2,833 Fund balances at 30 September 2021 2,111,298 2,843 |
TotalUnrestricted funds 2021 2020 £ £ 103,392 11,580 - 616 47,399 45,337 150,791 57,533 79 700 15,105 16,320 15,105 16,320 15,184 17,020 211,890 (2,933) 347,497 37,580 1,766,644 1,726,231 2,114,141 1,763,811 |
Restricted funds 2020 £ - - - - - - - - - - 2,833 2,833 |
Total 2020 £ 11,580 616 45,337 57,533 700 16,320 16,320 17,020 (2,933) 37,580 1,729,064 1,766,644 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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FRIENDS OF LYDNEY HOSPITAL
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Restricted funds 16 Unrestricted funds |
2021 £ £ 21,085 1,746,223 1,767,308 346,833 - 346,833 2,114,141 2,843 2,111,298 2,114,141 |
2020 £ £ 28,112 1,534,333 1,562,445 204,221 (22) 204,199 1,766,644 2,833 1,763,811 1,766,644 |
|---|---|---|
The financial statements were approved by the Trustees on 12 May 2022
Mrs M Thurston Trustee
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
Charity information
Friends of Lydney Hospital is an unincorporated charity, and was registered with the Charities Commission on 14 May 1979.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity .
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is included on an accruals basis, inclusive of irrecoverable VAT and is recognised when there is a legal or constructive obligation to pay.
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment 25% Reducing balance Fixtures and fittings 25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 103,392 | 11,580 |
Donations and gifts income for the year ended 30 September 2021 includes income from legacies of £102,175
4 Other trading activities
| Total | Unrestricted | |
|---|---|---|
| funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Fundraising events | - | 616 |
5 Investments
| Unrestricted Restricted funds funds 2021 2021 £ £ Investment income 47,383 - Interest receivable 6 10 47,389 10 |
TotalUnrestricted funds 2021 2020 £ £ 47,383 45,175 16 162 47,399 45,337 |
|---|---|
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
6 Raising funds
| Fundraising and publicity Staging fundraising events Advertising Fundraising and publicity Charitable activities Depreciation and impairment Newspapers and sundries Repairs and renewals Donations of equipment Share of governance costs (see note 8) Support costs Support costs Governance costs £ £ Legal and professional - 1,500 - 1,500 Analysed between Charitable activities - 1,500 |
UnrestrictedUnrestricted funds funds 2021 2020 £ £ 79 435 - 265 79 700 79 700 Charitable Activities Charitable Activities 2021 2020 £ £ 7,028 9,465 - 2,843 741 3,412 5,836 - 13,605 15,720 1,500 600 15,105 16,320 2021 Support costs Governance costs 2020 £ £ £ £ 1,500 - 600 600 1,500 - 600 600 1,500 - 600 600 |
|---|---|
7 Charitable activities
8 Support costs
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There were no employees during the year.
11 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Revaluation of investments | 211,890 | (2,933) | ||
| 12 | Tangible fixed assets | |||
| Equipment | Fixtures and | Total | ||
| fittings | ||||
| £ | £ | £ | ||
| Cost | ||||
| At 1 October 2020 | 22,675 | 24,393 | 47,068 | |
| At 30 September 2021 | 22,675 | 24,393 | 47,068 | |
| Depreciation and impairment | ||||
| At 1 October 2020 | 9,920 | 9,035 | 18,955 | |
| Depreciation charged in the year | 3,189 | 3,839 | 7,028 | |
| At 30 September 2021 | 13,109 | 12,874 | 25,983 | |
| Carrying amount | ||||
| At 30 September 2021 | 9,566 | 11,519 | 21,085 | |
| At 30 September 2020 | 12,754 | 15,358 | 28,112 |
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
13 Fixed asset investments
| Listed | ||||||
|---|---|---|---|---|---|---|
| investments | ||||||
| £ | ||||||
| Cost or valuation | ||||||
| At 1 October 2020 | 1,534,333 | |||||
| Valuation changes | 211,890 | |||||
| At 30 September 2021 | 1,746,223 | |||||
| Carrying amount | ||||||
| At 30 September 2021 | 1,746,223 | |||||
| At 30 September 2020 | 1,534,333 | |||||
| 14 | Financial instruments | 2021 | 2020 | |||
| £ | £ | |||||
| Carrying amount of financial assets | ||||||
| Instruments measured at fair value through profit or loss | 1,746,223 | 1,534,333 | ||||
| 15 | Creditors: amounts falling due within | one year | ||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Trade creditors | - | 22 | ||||
| 16 | Restricted funds | |||||
| The income funds of the charity include | restricted funds comprising the following unexpended balances of | |||||
| donations and grants held on trust for specific purposes: | ||||||
| Movement | Movement | |||||
| in funds | in funds | |||||
| Balance at | Incoming | Balance at |
Incoming |
Balance at |
||
| 1 October 2019 | resources | 1 October 2020 |
resources |
30 September |
||
| 2021 | ||||||
| £ | £ |
£ |
£ |
£ |
||
| Pathfinder SET | 2,833 | - |
2,833 |
10 |
2,843 |
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FRIENDS OF LYDNEY HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 17 Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 30 September 2021 are represented by: Tangible assets 21,085 - Investments 1,746,223 - Current assets/ (liabilities) 343,990 2,843 2,111,298 2,843 |
TotalUnrestricted funds 2021 2020 £ £ 21,085 28,112 1,746,223 1,534,333 346,833 201,366 2,114,141 1,763,811 |
Restricted funds 2020 £ - - 2,833 2,833 |
Total 2020 £ 28,112 1,534,333 204,199 1,766,644 |
|---|---|---|---|
18 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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