Friends of Victoria Hospital Wimborne
Annual Report and Financial Statements Year Ended 31 March 2023 Charity registration number: 299230
Friends of Victoria Hospital Wimborne
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Statement of Trustees' Responsibilities | 6 |
| Independent Auditors' Report | 7 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 to 22 |
Friends of Victoria Hospital Wimborne
Reference and Administrative Details
Trustees Mr Michael Bloor Mrs Alison Burns Mr Peter Cadogan Mrs Rae Cotton Dr David Dickson Mrs Melanie Fawcett Mr Lee Hardy Mr Jeff Hart Mrs Christine Hawkins Dr David Pope Mr Nigel Taylor Mrs Anne Salter Mrs Val Sweetlove Charity Registration Number 299230 Principal Office Victoria Hospital Victoria Road Wimborne BH21 1ER Auditor Francis Clark LLP Chartered Accountants and Statutory Auditors Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW Bankers Barclays Bank plc The Square Wimborne Dorset BH21 1JE
Page 1
Friends of Victoria Hospital Wimborne
Trustees' Report
The trustees present their report along with the financial statement of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with 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 published on 16 July 2014.
Objectives and activities for the public benefit
Our vision is to improve healthcare for local people by working in partnership with all health and associated services to achieve the very best care at Wimborne Hospital. Our purpose is that we fundraise and allocate resources to support the delivery of first class health services at Wimborne Hospital. All our activities support this NHS hospital’s work, a service of care available equally to all members of the local community. All this is demonstrably for the public benefit.
Grant making policy
Funding is considered for projects providing they meet the following criteria which are to:
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ensure continuity of current services
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enable additional services to be provided locally
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add to the well-being or treatment of patients, or working conditions of staff
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enhance the hospital or community environment
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improve care through staff training.
The hospital management initiates requests for grants. The Friends consider the views of clinicians on the benefits of medical equipment, and from the hospital management they require a sound business case which confirms that the equipment will answer a need and be put to regular, beneficial use.
Achievements and performance
The Friends received contributions from individuals and organisations by way of subscriptions, donations and legacies. Funds increased helpfully. A membership of about 800 provided a dependable flow of income. We published two newsletters and maintained a presence in the locality by our Facebook page. A small number of promotional events took place.
Objectives for 2022-2023
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Promote fund raising
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Provide an information channel to our members and the public
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Liaise with the Dorset HealthCare NHS Trust over services and developments at the hospital
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Act as an advocate for community opinion on local healthcare
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Fund staff training through Phyllis Coombes Award grants
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Fund the acquisition of equipment and capital ventures
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Administer the Friends’ charity Shop
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Maintain and support hospital staff and our volunteers
Liaison with Dorset HealthCare NHS Trust
Meetings were held electronically and in person with senior managers in the Trust at local and Dorset level to discuss the services provided at the hospital. The Locality Manager and Hospital Matron were in regular contact with the trustees’ committee.
Hospital Staff Training
In a year when opportunities for staff training were limited, through the Phyllis Coombes Award five members of staff were funded for courses at a cost of £1,294.
Page 2
Friends of Victoria Hospital Wimborne
Trustees' Report (continued)
Grants for Equipment
The Friends paid or committed to fund £325,329 for hospital improvements and new equipment. This amount notably included £241,515 for X-ray works, £65,897 for an Agfa D300 X-ray machine and £14,472 for a slave (secondary) monitor for laparoscopic operations, plus other smaller items. Against that total £54,413 was credited in respect of commitments made in 21-22 but not yet paid in 22-23. This brings the total for the year to £270,916. During the year the Friends also funded regular therapy sessions provided by ‘Elevate’ at a cost of £13,410.
Charity Shop
The shop was open for the whole financial year and managed to make a modest surplus.
Financial Review
Reserves Policy
The Committee’s policy is to keep funds to a minimum of £100,000 accessible for equipment purchase. Undesignated and unrestricted funds totalled £5,762,692 at the year end. (Please refer to the Plans for the Future.) We do not currently have any designated or restricted funds. The charity reacts to the hospital’s requests for funding, and these in turn respond to changing healthcare policies. The Friends remain poised to support any development or initiative which improves the care and facilities of the hospital, and our reserves are maintained to enable a response to a wide range of costs.
The security of our funds is the trustees’ top priority. Alternative financial arrangements are kept under constant review; our cash deposits are held with many different providers and most are within the £85,000 guarantee limit. During the year in view of our intention to support large hospital projects we sold our invested portfolio in order to avoid market volatility.
Budgeting:
The Friends’ expenditure on major items follows the hospital’s requirements. This is outside the control of the Friends, so not susceptible to standard budgeting. In the year 22-23 we met all demands on our resources and continue to budget in consultation with Dorset Healthcare for major projects. These include upgrades of X-ray, Minor Injuries and the Physiotherapy Departments and other enhancements of services in the Outpatients Department. The Friends are working in partnership with Dorset Healthcare over the acquisition of the land adjacent to the hospital.
Risk Management
The charity trustees considered the risks to which the charity is exposed, reviewed those risks and established systems and procedures to manage them. They did not identify any major risks.
The most serious risk to the charity’s objectives would be policy changes at various levels of healthcare organisation which led to the closure (or radical downgrading) of the hospital. We cannot influence decisions at governmental level, but do exert pressure where appropriate on the local healthcare trust.
Secondly the failure of financial institutions could threaten our capital funds. We diversify our deposits, thus minimising risk as far as feasible. Our disposal of our investments removed our direct exposure to stockmarket volatility.
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Friends of Victoria Hospital Wimborne
Trustees' Report (continued)
Consideration was given to reducing the risk around trustee roles and succession planning, and three new trustees were appointed during the year.
Online presence, publicity and communications:
The Friends’ website is used by members and visitors to communicate with the charity, inform themselves about it or make single or regular donations. The website is securely hosted and passworded. We publish a newsletter which is sent to all members and widely available locally and on the website. The Friends also have a Facebook page which invites public support, recruits new members and promotes our events, maximising our contact with local people.
Going Concern:
There is currently no uncertainty about the charity’s quality as a going concern. The Friends’ function on minimal running costs and own no property nor have any ongoing commitments. The trustee officers are all volunteers and receive no remuneration. The two managers in the Charity Shop are paid from the Shop’s operational funds. Lively fund-raising activities in normal times ensure a high profile for our charity which enjoys enduring local support. This last element most significantly ensures the future of the charity.
Sources of Income
Legacies have as usual proved the greatest source of income, and they are highly valued. The Shop surplus and members’ subscriptions provide a regular and significant income which can be roughly predicted. Donations and legacies in particular are entirely unpredictable but are most gratefully received.
Volunteers
With the exception of the two part-time shop managers, all trustees and personnel who worked for the FVHW did so as volunteers. They contribute over 6,500 man-hours to the charity over a normal year. Their contribution is indispensable to both the daily running and special events of the Friends and is most warmly appreciated.
Structure, Governance and Management
The Trust is a Society which is a registered charity (Number 299230) and whose business is conducted and managed by its Committee of Trustees. The charity is governed by rules adopted in 1950, as amended 20 June 1959, 27 June 1990 and 24 June 1992. A revised Constitution was approved at the Annual General Meeting in July 2009.
We developed a 5-year strategy for the charity’s future. Anne Salter took over from June Tripp as chair, and we actively sought additional trustees. New trustees are given an induction when they start undertaking their responsibilities. The committee has the power to appoint new trustees as vacancies arise and gives due regard to any specialist skills required at that time.
Page 4
Friends of Victoria Hospital Wimborne
Trustees' Report (continued)
Reference and administrative details
The charity’s name is Friends of Victoria Hospital Wimborne. Its charity registration number is 299230. Its office is at: Victoria Hospital, Victoria Road, Wimborne, Dorset. BH21 1ER
There were no changes to the people serving as trustees during the year. Their names are listed without exception below:
President: Dr David Pope
Chairman: Mrs Anne Salter
Secretary: Mrs Val Sweetlove
Treasurer: Mr Peter Cadogan
Mr Michael Bloor
Mrs Alison Burns
Mrs Rae Cotton
Dr David Dickson
Mrs Melanie Fawcett
Mr Lee Hardy (started Oct 2022) Mr Jeff Hart (started Jan 2023)
Mrs Christine Hawkins (started Oct 2022)
Mr Nigel Taylor
Plans for the Future
During 22-23 two very costly projects were in active development which have the potential to account for at least 80% of the funds held by the Friends. Both are mentioned above. One relates to an upgrading project to include X-ray, Minor Injuries and Physiotherapy and other aspects of the Outpatients Department, and the other relates to securing a piece of land reserved by the Core Strategy 2012 for hospital use. Our principal focus is on these projects.
Our strategy identifies five aims
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Capital Developments: work with Dorset Healthcare to enable upgrading of facilities whether with equipment, refurbishment or acquisition of land.
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Workforce support: build on co-operative ventures, helping staff and nurturing strong relationships
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Volunteering: actively seek additional trustees with skill sets we need e.g. retail, IT.
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Partnership working: liaise more closely with Dorset Healthcare, but also with the Primary Care Network, other Friends bodies and health trusts.
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Finance and Risk: keep probity arrangements strong; more informal meetings for trustees. Succession planning.
The annual report was approved by the trustees of the charity on 6 July 2023 and signed on its behalf by:
......................................... Mr Peter Cadogan Trustee
Page 5
Friends of Victoria Hospital Wimborne
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 6 July 2023 and signed on its behalf by:
......................................... Mr Peter Cadogan Trustee
Page 6
Friends of Victoria Hospital Wimborne
Independent Auditor's Report to the Members of Friends of Victoria Hospital Wimborne
Opinion
We have audited the financial statements of Friends of Victoria Hospital Wimborne (the 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity'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;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 trustees 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 charity'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 annual report, 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.
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Friends of Victoria Hospital Wimborne
Independent Auditor's Report to the Members of Friends of Victoria Hospital Wimborne (continued)
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.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Francis Clark LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Auditor 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Friends of Victoria Hospital Wimborne
Independent Auditor's Report to the Members of Friends of Victoria Hospital Wimborne (continued)
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 our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Friends of Victoria Hospital charity. We gained an understanding of the Friends of Victoria Hospital charity and the sector in which the charity operates as part of this assessment to identify the key laws and regulations affecting the charity. As part of this, we reviewed the charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
• Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
• Discussed with management if any health and safety incidents have been recorded during the year.
• Review of the GDPR policy and enquiries to management as to the occurrence of any reportable breaches.
• Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
• Reviewed Board minutes.
• Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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Reviewed estimates and judgements made in the accounts for any indication of bias.
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Reviewed legacies documentation to ensure all accrued income was not materially misstated.
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Friends of Victoria Hospital Wimborne
Independent Auditor's Report to the Members of Friends of Victoria Hospital Wimborne (continued)
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 charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' 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 charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... (Senior Statutory Auditor) Francis Clark LLP, Statutory Auditor
Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW
Date: 20July 2023
Page 10
Friends of Victoria Hospital Wimborne
Statement of Financial Activities
Year Ended 31 March 2023 (Including Income and Expenditure Account)
| Note Income and Endowments from: Donations and legacies 2 Other trading activities 3 Investment income 4 Other income 5 Total Income Expenditure on: Raising funds 7 Charitable activities 8 Total Expenditure Gains/losses on investment assets Other recognised gains and losses Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 16 |
Unrestricted funds £ 1,379,048 64,165 10,369 - 1,453,582 (1,468) (361,653) (363,121) (276,686) 813,775 4,948,917 5,762,692 |
Total 2023 £ 1,379,048 64,165 10,369 - 1,453,582 (1,468) (361,653) (363,121) (276,686) 813,775 4,948,917 5,762,692 |
Total 2022 £ 973,323 53,812 10,467 3,211 |
|---|---|---|---|
| 1,040,813 | |||
| (1,102) (101,860) |
|||
| (102,962) | |||
| 101,331 | |||
| 1,039,182 3,909,735 |
|||
| 4,948,917 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 14 to 22 form an integral part of these financial statements. Page 11
Friends of Victoria Hospital Wimborne
Balance Sheet
31 March 2023
| 31 March 2023 | ||
|---|---|---|
| Note Current assets Stocks 12 Debtors 13 Investments 14 Cash at bank and in hand Creditors: Amounts falling due within one year 15 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 16 |
2023 £ 227 1,319,844 7,310 4,764,142 6,091,523 (328,831) 5,762,692 5,762,692 5,762,692 |
2022 £ 709 6,282 2,455,652 2,547,437 |
| 5,010,080 (61,163) |
||
| 4,948,917 | ||
| 4,948,917 | ||
| 4,948,917 |
The financial statements on pages 11 to 22 were approved by the trustees, and authorised for issue on 6 July 2023 and signed on their behalf by:
......................................... Mr Peter Cadogan Trustee
The notes on pages 14 to 22 form an integral part of these financial statements. Page 12
Friends of Victoria Hospital Wimborne
Cash Flow Statement
Year Ended 31 March 2023
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Investment income 4 (Profit)/ loss on disposal of investments Working capital adjustments Decrease in stocks 12 (Increase)/decrease in debtors 13 Increase/(decrease) in creditors 15 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 4 Revaluation of investments as a non cash item Purchase of investments Proceeds of investment disposals Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2023 £ 813,775 (10,369) 276,686 1,080,092 482 (1,313,562) 267,668 34,680 10,369 - (691,980) 2,863,636 2,182,025 2,216,705 2,547,437 4,764,142 |
2022 £ 1,039,182 (10,467) (37,769) |
|---|---|---|
| 990,946 817 164,443 (3,905) |
||
| 1,152,301 | ||
| 10,467 (63,562) (600,000) 300,000 |
||
| (353,095) | ||
| 799,206 1,748,231 |
||
| 2,547,437 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 14 to 22 form an integral part of these financial statements. Page 13
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Friends of Victoria Hospital is a registered charity, registration number 299230, registered in the United Kingdom. The nature of the charity's operations and principal activities are described in the Trustees' annual report.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Interest on cash deposits is recognised on a receivable basis. Income on listed investments and unitised funds is recognised when the underlying security is quoted as ex-dividend.
Government grants
A grant that becomes receivable as compensation for expenses already incurred will be recognised in profit or loss in the same period in which the related expense is incurred.
Page 14
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity.
Pensions and other post retirement obligations
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for services, the excess is recongnised as a prepayment.
Going concern
The financial statements have been prepared on a going concern basis. In the opinion of the trustees the charity has sufficient working capital to continue to meet its financial obligations and pay its liabilities as they fall due for the foreseeable future and therefore the financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves held and the additional coronavirus funding received for the charity to be able to continue as a going concern.
2 Income from donations and legacies
| Donations and legacies Donations from individuals Legacies Gift aid reclaimed |
Unrestricted General £ 5,395 1,371,427 2,226 1,379,048 |
Total 2023 £ 5,395 1,371,427 2,226 1,379,048 |
Total 2022 £ 6,374 961,949 5,000 |
|---|---|---|---|
| 973,323 |
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Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
| 3 Income from other trading activities Trading income Shop income from sale of donated goods and services Other trading income Membership subscriptions 4 Investment income Interest receivable and similar income Interest receivable on bank deposits 5 Other income Government grants Other grants 6 Net incoming/outgoing resources Net incoming resources for the year include: The audit of the charity's annual accounts |
Unrestricted General £ 47,935 - 16,230 64,165 Unrestricted General £ 10,369 |
Total 2023 £ 47,935 - 16,230 64,165 Total 2023 £ 10,369 Total 2023 £ - - - 2023 £ 6,948 |
Total 2022 £ 41,021 399 12,392 |
|---|---|---|---|
| 53,812 | |||
| Total 2022 £ 10,467 |
|||
| Total 2022 £ 544 2,667 |
|||
| 3,211 | |||
| 2022 £ 6,815 |
Page 17
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
7 Expenditure on raising funds
a) Costs of trading activities
| Note Fundraising trading costs; Fundraising |
Unrestricted funds General £ 1,468 1,468 |
Total 2023 £ 1,468 1,468 |
Total 2022 £ 1,102 |
|---|---|---|---|
| 1,102 |
8 Expenditure on charitable activities
Charitable activities expenditure
| Fundraising trading: cost of goods sold Costs of hospital improvements and equipment Phyllis Coombes awards - education Staff Costs Sundry and other costs Governance costs (see note below) |
Total 2023 £ 17,975 270,916 1,294 25,730 38,790 6,948 361,653 |
Total 2022 £ 18,708 40,955 850 24,031 10,501 6,815 |
|---|---|---|
| 101,860 |
9 Analysis of governance costs
Governance costs
Unrestricted funds
| Unrestricted funds |
|||
|---|---|---|---|
| Total | Total | ||
| General | 2023 | 2022 | |
| £ | £ | £ | |
| Audit fees | |||
| Audit of the financial statements | 6,948 | 6,948 | 6,815 |
Page 18
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
10 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2023 £ 23,205 623 1,902 25,730 |
2022 £ 21,615 639 1,777 |
|---|---|---|
| 24,031 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Number of staff or part time equivalents | 2023 No 2 |
2022 No 2 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year
11 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
During the year the charity made the following transactions with trustees:
Mr Peter Cadogan
£668 (2022: £651) of expenses were reimbursed to Mr Peter Cadogan during the year.
Mrs Rae Cotton
£379 (2022: £31) of expenses were reimbursed to Mrs Rae Cotton during the year.
Mrs June Tripp
£20 (2022: £972) of expenses were reimbursed to Mrs June Tripp during the year.
Mrs Anne Salter
£27 (2022: £203) of expenses were reimbursed to Mrs Anne Salter during the year.
Mrs Val Sweetlove
£318 (2022: £9) of expenses were reimbursed to Mrs Val Sweetlove during the year.
No trustees have received any other benefits from the charity during the year.
12 Stock
| 12 Stock | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Stocks | 227 | 709 |
Page 19
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
| 13 Debtors Accrued income Prepayments and other debtors 14 Current asset investments Cost or valuation At 1 April 2022 Additions and interest received Disposals and transfers Revaluation At 31 March 2023 15 Creditors: amounts falling due within one year Accruals |
Listed other shares £ 2,455,652 691,979 (3,140,321) - 7,310 |
2023 £ 1,311,386 8,458 1,319,844 Cash deposits £ 1,086,469 1,475,445 - 2,561,914 2023 £ 328,831 |
2022 £ - 6,282 |
|
|---|---|---|---|---|
| 6,282 | ||||
| Total £ 3,542,121 2,167,424 (3,140,322) 2,569,223 2022 £ 61,163 |
||||
| 7,310 | ||||
Page 20
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements
Year Ended 31 March 2023 (continued)
16 Funds
| 16 Funds | |||||
|---|---|---|---|---|---|
| Unrestricted funds General Unrestricted funds Unrestricted funds General Unrestricted funds |
Balance at 1 April 2022 £ 4,948,917 Balance at 1 April 2021 £ 3,909,735 |
Incoming resources £ 1,453,582 Incoming resources £ 1,040,813 |
Resources expended £ (363,121) Resources expended £ (102,962) |
Other recognised gains/(losses) £ (276,686) Other recognised gains/(losses) £ 101,331 |
Balance at 31 March 2023 £ 5,762,692 |
| Balance at 31 March 2022 £ 4,948,917 |
Page 21
Friends of Victoria Hospital Wimborne
Notes to the Financial Statements Year Ended 31 March 2023 (continued)
17 Related party transactions
There were no related party transactions in the year.
Page 22