**Charity registration number 277785 (England and Wales)**
## **FRIENDS OF LYDNEY HOSPITAL**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **FRIENDS OF LYDNEY HOSPITAL**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr J Williams||
|---|---|---|
||Viscount Bledisloe||
||Mrs M Thurston||
||Mr A Midgley||
||Mrs A Davies|(Appointed 1 May 2024)|
|**Charity number**|277785||
|**Principal address**|Watts of Lydney Group Limited||
||Althorpe House||
||High Street||
||Lydney||
||Glos||
||GL15 5DD||
|**Independent examiner**|Griffiths Marshall||
||4th Floor||
||Llanthony Warehouse||
||The Docks||
||Gloucester||
||Gloucestershire||
||GL1 2EH||
## **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 - 13|
## **FRIENDS OF LYDNEY HOSPITAL**
## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
The Trustees present their annual report and financial statements for the year ended 30 September 2024.
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 and plans for future periods**
The charity's objects have been 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.
With the closing of Lydney Hospital in May 2024, the core purposes for which the charity was formed in 1979 have now changed to becoming a grant giving organisation to health and wellbeing services in the south of the Forest, being the area formerly covered by Lydney Hospital. We still continue to receive the occasional legacy donation and whilst we haven't ruled out further support for the Forest Hospital, we are looking to extend our help to more local health related charities.
We've also continued to engage with Mary Hutton at the Gloucestershire Integrated Health Board regarding the long awaited new medical centre for Lydney. The project purposes to bring together local GP Practices into a shared facility, based in a new building on the site of the former Co-op on Newerne Street. The project was originally due to start construction in 2024 but has continually been delayed and it is now anticipated the building will open sometime between October and December 2026.
We are engaging with established Lydney based health charities to extend and enhance their services and exploring the possibility of using the name of "Friends of Lydney Health" as a trading name.
## **Achievements and performance and Financial review**
The Trustees now have considerable reserves most of which are managed by CCLA in their COIF Investment Fund. CCLA is the UK's largest Charity fund manager well known for pioneering ethical and responsible investment. Cash is invested with HSBC. The Trustees may consider investing more of the cash which is not expected to be used in the next twelve months.
We are in a very strong position with the funds originally built up for the assistance of building a new Lydney Hospital / Health Centre. The investment funds increased in value by investment income and gains and the occasional legacy and now stand at over 2 million pounds. The funds could support inflammation grants of £80,000 to £100,000 a year for perpetuity.
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 Mrs A Davies (Appointed 1 May 2024)
The Trustees are approved by existing and retiring Trustees and are responsible for the safe custody of funds. Should vacancies occur in the Board of Trustees, new Trustees are appointed following interview and the usual recruitment checks. There are no employees - secretarial and other services are provided by Watts of Lydney Group without charge.
- 1 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
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, and which approves the officers.
The Trustees report was approved by the Board of Trustees.
Mrs M Thurston **Trustees**
3 June 2025
- 2 -
## **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 2024.
## **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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the 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 (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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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:
- 1 Accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 The financial statements do not accord with those records; or
- 3 The financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
## **G Lewis (FCA)**
Griffiths Marshall 4th Floor Llanthony Warehouse The Docks Gloucester Gloucestershire GL1 2EH
Dated: 3 June 2025
- 3 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**2024**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
1,853
27,910
-
Investments
**4**
55,631
56,253
-
**Total income**
57,484
84,163
-
**Expenditure on:**
Raising funds
Fundraising and publicity
**5**
-
250
-
Charitable activities
Charitable expenditure
**6**
11,119
21,697
2,843
**Total expenditure**
11,119
21,947
2,843
Net gains/(losses) on investments
**11**
157,488
31,814
-
**Net income and movement in funds**
203,853
94,030
(2,843)
**Reconciliation of funds:**
Fund balances at 1 October 2023
2,150,442
2,056,412
2,843
**Fund balances at 30 September 2024**
2,354,295
2,150,442
-|**Total**
**2023**
**£**
27,910
56,253|
|---|---|
||84,163|
||250|
||24,540|
|||
||24,790|
||31,814|
||91,187
2,059,255|
||2,150,442|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**16**
**Net assets**
**The funds of the charity**
Unrestricted funds
**18**|**2024**
**£**
**£**
8,893
1,825,074
1,833,967
31
522,097
522,128
522,128
2,356,095
(1,800)
2,354,295
2,354,295
2,354,295|**2023**
**£**
**£**
11,860
1,667,586
1,679,446
-
470,996
470,996
470,996
2,150,442
-
2,150,442
2,150,442
2,150,442|**2023**
**£**
**£**
11,860
1,667,586
1,679,446
-
470,996
470,996
470,996
2,150,442
-
2,150,442
2,150,442
2,150,442|
|---|---|---|---|
||||1,679,446
470,996|
||||2,150,442
-|
||||2,150,442|
||||2,150,442|
||||2,150,442|
The financial statements were approved by the Trustees on 3 June 2025
Mrs M Thurston **Trustees**
- 5 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **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 or grantors 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 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
- 6 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
**(Continued)**
Expenditure is included on an accruals basis, inclusive of irrecoverable VAT and is recognised when there is a legal or constructive obligation to pay.
## **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 the statement of financial activities.
## **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.
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**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.
- 7 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## _**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 payments 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.
## **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 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|1,853|27,910|
## **4 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Other income|51,034|53,367|
|Interest receivable|4,597|2,886|
||55,631|56,253|
- 8 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **5 Expenditure on raising funds**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Advertising|-|250|
|**6**|**Expenditure on charitable activities**|||
|||**Heading**|**Heading**|
|||**#ac982**|**#ac982**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Direct costs**|||
||Depreciation and impairment|2,966|3,953|
||Newspapers and sundry|846|1,158|
||Flowers, catering, mosaic|7,773|1,250|
||Hospital donations|3,425|15,255|
||Hospital staff training|-|1,290|
||Bank charges|104|134|
||Refunds|(7,445)|-|
|||7,669|23,040|
||**Share of support and governance costs (see note 7)**|||
||Governance|3,450|1,500|
|||11,119|24,540|
||**Analysis by fund**|||
||Unrestricted funds|11,119|21,697|
||Restricted funds|-|2,843|
|||11,119|24,540|
|**7**|**Support costs allocated to activities**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Governance costs|3,450|1,500|
||**Analysed between:**|||
||Charitable activities|3,450|1,500|
The governance costs comprise costs of accountancy, including independent examination fees. The governance costs comprise £1,650 for the year ended 30 September 2023 and £1,800 accrued for the year ended 30 September 2024.
- 9 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**8**|**Net movement in funds**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Depreciation of owned tangible fixed assets|2,967|3,954|
## **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**
|**Net gains/(losses) on investments**|||
|---|---|---|
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Revaluation of investments|157,488|31,814|
## **12 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 10 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**13**
**Tangible fixed assets**
**Equipment**
**Fixtures and**
**fittings**
**£**
**£**
**Cost**
At 1 October 2023
22,675
24,393
At 30 September 2024
22,675
24,393
**Depreciation and impairment**
At 1 October 2023
17,294
17,914
Depreciation charged in the year
1,346
1,621
At 30 September 2024
18,640
19,535
**Carrying amount**
At 30 September 2024
4,035
4,858
At 30 September 2023
5,381
6,479|**Total**
**£**
47,068|
|---|---|
||47,068|
||35,208
2,967|
||38,175|
||8,893|
||11,860|
- 11 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**14**
**Fixed asset investments**
**Cost or valuation**
At 1 October 2023
Valuation changes
At 30 September 2024
**Carrying amount**
At 30 September 2024
At 30 September 2023
**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
**16**
**Creditors: amounts falling due after more than one year**
Accruals and deferred income|**Listed**
**investments**
**£**
1,667,586
157,488
1,825,074
1,825,074
1,667,586
**2024**
**2023**
**£**
**£**
31
-
**2024**
**2023**
**£**
**£**
1,800
-|
|---|---|
## **17 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|||||||**Movement**||
|---|---|---|---|---|---|---|---|
|||||||**in funds**||
|||**Balance at**|**Resources**||**Balance at**|**Incoming**|**Balance at**|
||**1**|**October 2022**|**expended**|**1**|**October 2023**|**resources**|**30 September**|
||||||||**2024**|
|||**£**|**£**||**£**|**£**|**£**|
|Pathfinder SET||2,843|(2,843)||-|-|-|
- 12 -
## **FRIENDS OF LYDNEY HOSPITAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **18 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At**
General funds
**Previous year:**
**At**
General funds|**1 October**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September**
**2024**
**£**
**£**
**£**
**£**
**£**
2,150,442
57,484
(11,119)
157,488
2,354,295
**1 October**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 30**
**September**
**2023**
**£**
**£**
**£**
**£**
**£**
2,056,412
84,163
(21,947)
31,814
2,150,442|
|---|---|
## **19 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
- 13 -