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2025-03-31-accounts

OLD SWINFORD HOSPITAL Stourbridge West Midlands

Registered Charity Number: 527116

ANNUAL REPORT and FINANCIAL STATEMENTS for the year ended 31[st] March 2025

DRAFT

OLD SWINFORD HOSPITAL

Contents Page
Annual Report of the Feoffees 3 – 14
Report of the Auditors 15 – 17
Statement of Financial Activity 18
Balance Sheet 19
Statement of Cash Flows 20
Notes to the Financial Statements 21 – 34

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Annual Report of the Feoffees for the year ended 31[st] March 2025

The Feoffees present their report along with the audited financial statements for Old Swinford Hospital, of Hagley Road, Stourbridge, West Midlands, Registered Charity Number 527116, otherwise called Thomas Foley's Charity, for the year ended 31[st] March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation’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 (FRS102).

Structure, governance and management

Scheme and constitution

Old Swinford Hospital is governed by the terms of a Charity Commissioners Scheme dated 16[th] June 1954 ('the Scheme') as amended by:

In accordance with the Scheme, 'the Foundation' means Old Swinford Hospital, at Stourbridge, founded by the will of Thomas Foley, made and published in or about the month of January 1671. Neither the Foundation nor the Trustees ('Feoffees') of the Foundation are incorporated.

Feoffees

The trustee body is a clearly identifiable ‘simple’ structure set up in accordance with the governing document and known as the Feoffees. The governing document provides for up to three Hereditary Feoffees, being or representing the respective male heirs of the three sons of the Founder, and up to twelve Co-optative Feoffees to be appointed by resolution of the Feoffees subject to there always being sufficient in number to provide the required number of Feoffees to sit on the Governing Body of the School of the Foundation. Co-optative Feoffees, a majority of whom shall be members of the Church of England, are elected for a five-year term, unless they held office at the inception of the Scheme, when they are elected for life. Retiring Feoffees, if eligible, may be re-elected. There are no longer any Feoffees eligible to be elected for life.

Within this remit the strategy for appointment looks to the profile of the body so that it can function to best advantage, due regard being had to skills, time and general ability to attend meetings and events, whether a potential Feoffee is willing, and able, also to be appointed to the Governing Body, the skills requirement of the Governing Body and any other interests which may be either conducive to, or conflict with, the workings of the Foundation.

Induction and training are provided so that:

At 31[st] March 2025 ten Feoffees were in office, two being Hereditary Feoffees and eight Co-optative. Their names are listed in the Reference & Administration section of this report. During the year:

Since the year end Mr Mason tendered his resignation as a Feoffee, retiring on 6[th] June 2025.

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The School of the Foundation and its Governing Body

The School of the Foundation, also known as Old Swinford Hospital, is a voluntary aided boarding and day school for both boys and girls.

The Foundation is not responsible for the running of the School but provides or nominates seven persons to sit as Foundation Governors on the Governing Body. Feoffees sitting as Foundation Governors on the Governing Body during the year were:

P T Foley FCII

R T Foley

R B Guthrie

I W King P W Mason FCA (retired 6[th] June 2025)

R J Walker

M Wilcox FRICS

Until his appointment as a Feoffee, Mr King sat on the Governing Body as a Foundation Nominated Governor. After his appointment he became a Foundation Governor.

In addition, and separately from voluntary aided regulations, Feoffees may be appointed by the Governing Body to sit as Associate Members. None sat as Associate Members at any time during the year.

Organisation

The Foundation is administered by the Feoffees who meet termly or more often if they find they need to do so however:

Key management personnel remuneration

All of the Feoffees have an equal part to play in the business of the Foundation. Some tasks however are delegated to one or more of their number and in this respect they consider the Chairman of the Feoffees and the Steward as key management personnel of the Foundation, in charge of directing and running the day-to-day operations of the charity. They also consider those Feoffees sitting as Foundation Governors, along with the Steward who acts as Clerk to the Governing Body, to be key management personnel in providing substantial practical benefit to the School.

All Feoffees give of their time freely to both the Foundation and the School and none receive any remuneration, expenses or benefit.

The pay of the Steward is reviewed annually and normally increases in line with inflation. In assessing the appropriate salary for this role the Feoffees have regard to the diverse nature of the role and the need for a wide range of both skills and knowledge. They take into account the qualifications, skills and experience of the Steward and what she might get paid in other organisations and in particular the pay scales for senior management in the School.

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Risk management

The Feoffees have assessed the major risks to which the Foundation is exposed and are satisfied that systems and procedures are in place to manage those risks and mitigate exposure as far as possible. Related to their assessment, together with what they have learned in recent times from recent challenging global social, economic and political situations, special consideration has been given to:

The Feoffees are satisfied that they continue to manage these risks appropriately.

Governance Code

The Foundation’s position in relation to this non-statutory Code has been monitored since the first edition and, in the context of the charity’s simple structure and remit, the 2020 update was formally adopted in March 2021. The Feoffees continue to look to work within it as far as it is appropriate, reasonable and practicable to do so.

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Reference & Administrative Details

Feoffees: Hereditary Feoffees: P T Foley FCII, 1989 R T Foley, 1991 Co-optative Feoffees: M Wilcox FRICS, 1997 (Chairman) P W Mason FCA, 2007 (retired 6[th] June 2025) J M Hornby MA, FCA, 2020 D J Taylor MI, FIH, 2021 Dr R B Guthrie, 2022 R J Walker, 2022 J R Edwards, ACII, 2022 I W King, 2025 Steward: Mrs B Hirons BA(Hons), BFP, FCA Headmaster: P T Kilbride MA (Oxon), NPQH, FRSA Advisors: Auditors Crowe U.K. LLP Black Country House, Rounds Green Road, Oldbury, B69 2DG Bankers HSBC Bank plc 114 High Street, Stourbridge, DY8 1DZ Solicitor Burges Salmon LLP One Glass Wharf, Bristol, BS2 0ZX Investment Managers Cazenove Capital 1 London Wall Place, London, EC2Y 5AU

CCLA One Angel Lane London EC4R 3AB

M&G Securities Ltd 10 Fenchurch Avenue London EC3M 5AG Residential Letting Agent Ian Perks Letting Agent 20-22 Hagley Road, Stourbridge, DY8 1QQ

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Objectives and activities for the public benefit

Charitable objects

The Foundation and its endowments are administered in accordance with the provisions of the Scheme to the benefit of the School of the Foundation. Over 350 years ago when Thomas Foley set up and endowed the School his aim was to provide education and entry into a trade for poor but deserving local boys. He was forward thinking enough to see that these philanthropic ideals could benefit the lives of those individuals who came to his school and his principles are as current and relevant today as they were then. The Feoffees uphold the Founder’s values but like Thomas Foley each generation of Feoffees, whilst maintaining a wealth of traditional values, has been forward thinking enough not to be afraid to move with the times. Today the School operates in a modern context as a voluntary aided boarding and day school within the State education system managed by a Governing Body under the Local Authority, Dudley Metropolitan Borough Council. The Foundation manages the endowment to the benefit of the School.

In setting objectives and planning activities, the Feoffees have given careful consideration to the Charity Commission’s guidance on public benefit and are confident that their aims, their activities and their future plans continue to be wholly consistent with the guidance given. They further consider that the admission of girls to boarding and to the lower school from September 2021 gave them the opportunity to broaden the sections of the public who have access to the benefits of the charity and were pleased when the Charity Commission issued a scheme to enable this.

As a Foundation the Feoffees look to support the School’s Governors in meeting the aims they have set for the School and which overridingly look ‘to provide an outstanding education, both within and beyond the classroom, which enables pupils to realise and exceed their potential’ and, above all, ‘to provide a uniquely stimulating and supportive environment in which all individuals flourish, grow in understanding, selfconfidence and self-esteem and are fully equipped to meet the challenges and demands of life beyond school.’ To that end the Feoffees look specifically to promote:

The Feoffees have put together a package of support measures that aim to ensure their objectives can be met with successful outcomes resulting in all pupils having the opportunity to benefit from their time at the School. These programmes of support are wide ranging, focussing upon individuals, groups and the whole school community. The provision of bursaries, grants to promote excellence in standards of education and welfare awards to enhance the development of the School and its environment are fundamental objects of the trust that seeks to:

The Foundation provides a direct public benefit by making available to the Governing Body the site and buildings comprising Old Swinford Hospital for educational use.

The Feoffees devote a great deal of their time to the School and by acting as school governors. By sitting on working parties and by advising when asked, they further enhance their charitable support. In addition, they make available the time of their Steward to provide clerking and other advice and assistance to the School and the Governing Body.

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Grant making policy

As a school within the State sector, entry is open to children of secondary school age who are eligible for a state funded education. Whilst this is a very wide sector of the public the Feoffees are aware that although education is state funded, for those who board, boarding facilities attract a fee. Boarding fees are the remit of the Governing Body not the Foundation and, whilst the fee is extremely good value and very competitive, there is nevertheless a fee to pay. A package has therefore been developed which looks to support both new and existing pupils in paying boarding fees.

The provision of bursaries is fundamental to the trust. However, to be realistic and to ensure the long-term future of the support scheme, a number of principles are applied to award applicants and include, amongst others, means testing and boarding need. Bursaries may be granted for existing boarding pupils, existing pupils seeking to come into boarding (and who have been deemed, by the School, to be suitable to board) and children seeking to enter the School (and who have been offered a place at the School and have been deemed, by the School, to be suitable to board). The principal criteria for awarding bursaries to the parents of an existing boarding pupil is that there must have been a clearly identifiable, significant and unforeseen worsening in the financial circumstances of the parents such that they cannot now practicably afford the whole of the boarding fee and that there would be a clear and significant detrimental effect on the pupil’s education or development were they no longer to board at the School. For those seeking to come into boarding the pupils' parents must be able to demonstrate that they cannot practicably afford the whole of the boarding fee and that there would be a clear and significant advantage to the pupil's education or development were they to board at the School. Bursaries are a contribution towards boarding fees; except in very exceptional circumstances they do not cover fees in full and in all cases parents will be expected to make every effort to obtain support from other sources, as there must be a realistic chance that the remainder of the boarding fee can be met by the parents or by others. The Feoffees have been aware of general financial pressures upon families because of economic difficulties in recent years and recognise that the scale of their support to individuals needs to be of meaningful value to make a difference. The pandemic added to this pressure, compounded then by exceptional increases in energy costs, general inflation and rapidly increasing interest rates as a measure to contain this. Whilst inflation has fallen, it is still higher than it had been on average over the year. Markets remain sensitive and the impact inflation had on household bills for example does not go away but becomes the new ‘norm’. Ongoing and new geopolitical unrest add to the challenge. The practice of providing funds for future support gives us the assurance that programme funding can be met for all existing bursary pupils until they have completed their GCSE’s or, if they are already in the 6[th] Form, until they have completed their A level or vocational qualifications. The practice of designating funds for bursary support provides us with comfort that there are also funds available to assist additional pupils, who may or may not already attend the school, and it is through these funds that the Foundation is able to assist with grants towards fees for those boarding families who have a need arising. If there are more applications than available funding priority will be given to supporting pupils already in the school.

Over the years the Feoffees have worked with the Headmaster and with other like-minded charities to achieve the best outcome for those who found themselves in need of assistance and they continually review how best to widen their support to enable more pupils, who have a need and whose families have limited means, to come into the School.

The Foundation accepts the nominations of the Headmaster for awards made from smaller specific funds and consults with him on applications for other grants to individuals including financial assistance to ensure that pupils are able to participate in academic trips, extracurricular activities and to receive music tuition.

Donations are also made to provide a range of benefits as agreed from time to time between the School and the Feoffees and that would not normally be provided from maintenance grants paid under the Education Acts. All grants are discretionary but the schemes have been developed so that advantage can be taken of additional funding streams that may be available from other trusts, from the School’s Old Boys (the Old Foleyans Association) and from the School itself and which, when combined, can provide a workable support package.

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Achievements and performance

The prudent management of funds, sound reserves policies, strong levels of liquidity and a balanced investment model have served the Feoffees well through recent turbulent times ensuring that the Foundation remained in a good position to continue to meet its charitable purpose in a sustainable and meaningful way. The financial outcomes for the year demonstrate sufficiency of funding and funding streams to meet the full delivery of bursary and support programmes whilst encouraging excellence in education and contributing to wider projects, providing effective help to its beneficiaries.

The School of the Foundation

As the academic year 2023/24 came to an end, there was time for further reflection on the integration of girls into the lower school for the third year before getting ready for the new school year, welcoming a fourth intake of girls as part of the School’s expansion programme and opening a second girls boarding house to accommodate their growing number. It would also be the year that saw girls embark on their GCSE studies. Staffing and resources continued to be a challenge but with careful planning were managed.

The value of the governance role in developing strategy and supporting and assisting the School’s leadership team remains a key element in ensuring the success of the expansion programme and in creating the infrastructure in which the School can grow, and it was in both of these key roles the Foundation could provide practical and substantial assistance. In continuing to promote learning, through the support for excellence in education programme, £4,220 was granted towards the provision of more interactive screens for classrooms, £1,395 for revision guides, £3,600 for timetabling software, £608 for external speakers and £125,766 used to develop existing teaching accommodation and learning resources. We also made a grant of £2,500 towards school maintenance and improvement and have designated funds to assist further.

Bursaries, prizes and welfare

As planned in our forecasting model, bursary spending continues to support school admissions and promote boarding so that during the year £247,068 was awarded in, or provided for, bursaries. Sustaining support in this way is one of our principal aims and part of our strategy to offer more long-term support to pupils who would benefit from boarding but who would otherwise not be able to pay boarding fees.

The practice of providing support packages in conjunction with other funding sources continues to be successful. Assistance remains focussed where it is most needed and where it was best placed to support pupils and to add value to their time at the School so key examination years and 6th form study continue to be primary criteria in assessing applications as do those pupils who would benefit from boarding. The latter still show a need for longer-term support but with the use of funds designated for bursaries the Feoffees are able to offer this support which is much in keeping with the Founder’s original intent.

In making our bursary grants we were able to draw on the support of income provided by the Williams Thomas Bursary Fund, Kieran Duffy Memorial Fund, Owen Evans’ Fund, Parents’ Bursary Fund, Sheila Tuft Fund and William Cooper Bursary Fund which, together, contributed £5,800 towards supporting children in boarding.

In addition, we made grants totalling £2,539 towards individual music and language tuition, Lamda lessons, Duke of Edinburgh training and participation in competitive athletics, whilst the Don Williams Prize Fund provided £400 to purchase trophies for CCF.

Other welfare grants included £208 for training courses and books and £305 for subscriptions to the National Governors Association to support good governance and governor training.

Feoffees were delighted to receive donations to help with their charitable objectives of £9,458, coming from parents of pupils leaving the School, £74,269 from Old Swinford Enterprises Ltd, £1,964 from Old Swinford Services Ltd and £3,000 from the Old Foleyans Association.

The Feoffees continue to make available to the School one of the Foundation’s residential investment properties for use as a temporary first aid post and changing facility in connection with the adjacent sports fields; an arrangement that is expected to continue for further playing seasons.

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Portfolio development

The Feoffees continue to manage the Foundation’s portfolio in a manner that maximises overall return from each element within it and in particular be vigilant for opportunities to enhance potential wherever possible.

In respect of its real estate portfolio, and having previously taken professional planning advice and set aside designated funds to assist in developing parcels of land over the next strategic land review in the borough and other authorities, the Feoffees continue to follow developments in the review process. This is a long-term project; the review is ongoing and we continue to engage with the process. Over the course of the year fees of £4,800 have been met from designated funds, all in relation to potential development. The Feoffees consider it is important to be properly advised and appraised of the progress and outcomes of the review and of the likely impact it may have upon the Foundation’s assets and so choose to retain the designated fund balance for the time being.

Financial review

The Statement of Financial Activity on page 18, together with the notes thereon, show the income of the Foundation for the year to 31st March 2025, and how this income has been applied in furtherance of the objects of the Foundation.

The Foundation seeks to continue its work through the careful stewardship of its resources. Some donations are received and for this the Feoffees are most grateful but the Foundation is largely reliant on the income from its investments and property. Income from securities has remained steady and we have benefitted from better interest rates on our cash deposits, whilst both the ongoing rent review programme and licenses for short-term use of Foundation land have added to rental income. The need to maintain the quality of the Foundation’s housing stock held as investment assets to protect both the capital value and the rental stream is ever present and funds have been set aside for this purpose.

Last year we had concerns that increasing interest rates were impacting significantly on the cost of debt and decided to reduce the amount borrowed. However, borrowing remained costly and following a further review it was considered expedient to use cash resources to fully repay loan funding. This has removed the cost of borrowing going forward but not to the detriment of investment income.

Gains on investment assets reflect net valuation gains as at 31st March 2025 with property providing gains but losses arising on year-end security valuations.

The Foundation does not raise funds from the public but it is happy to work with and assist the School to do so if they choose. However, no fundraising activity has taken place and no related expenditure was incurred. The Balance Sheet as shown on page 19, and notes thereon, shows the financial position of each of the Foundation's funds as at 31[st] March 2025. The Feoffees are satisfied that each of the funds is adequately resourced and no fund is in deficit.

Investment policy and performance

Investment Policy

The aim of our investment portfolio is to meet the needs of present beneficiaries whilst maintaining the Foundation’s purchasing power for the overall benefit of the charity in the longer term, and we seek to do this by holding a mix of investments in financial securities and in property for the twin purpose of capital appreciation and an annual income. Together each sector should contribute to meet the overall aim.

After consideration of their charitable aims and the makeup of funds available for investment, which is substantially permanent endowment, the Feoffees have determined that Financial Investment is principally more suited to the Foundation.

The core objectives of the investment portfolio are therefore to:

In addition, the Feoffees will invest money not needed for immediate expenditure, or deposit it to earn interest if expenditure is expected soon.

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To achieve the core objectives, the Feoffees have set, as a target, a real return of approximately 3.5% p.a. (against CPI) over the investment cycle after costs.

The Foundation’s requirement for income is supported by their property investments and because these deliver a strong and steady income stream, there is a degree of flexibility with regards to securities income. The investment strategy for the Foundation’s securities portfolio therefore includes a mix of both income units and accumulation units. The current expectation is that the proportion invested in income units should generate an income of approximately £100,000 per annum.

The Foundation is expected to exist in perpetuity and investments should be managed to meet the investment objective and ensure this sustainability. Accordingly, the Foundation has a long-term time horizon and is able to tolerate short-term capital volatility in pursuit of the long-term investment objective, the preservation of the real capital value.

To secure the widest coverage, yet limit exposure to any significant investment or sector, the Foundation's investment is placed in multi-asset common investment funds that are charity authorised investment funds. Although independently holding investment properties, the Feoffees do not cause this to be a restriction to exposure to the wider property market through investment in these funds.

Material liquidations are not envisaged, however, at least 75% of funds invested must be capable of being liquidated to cash within four weeks. Short-term cash requirements are covered by cash held in reserves and by regular distributions.

The Feoffees’ investment powers are governed by the Trustee Act 2000 which sets out the general power of investment. The Foundation has no direct purposes that require an ethical approach to investment and after due consideration the Feoffees conclude that charitable purpose can be met without the need to exclude any particular product sector or taking a particular moral stance. However, they believe that responsible investment aligns with the key values and goals of the Foundation whilst also believing it drives long-term portfolio performance. In adopting this approach, the Feoffees considered several points but principally:

The Feoffees are satisfied that they can invest sustainably and their choice of fund/funds will incorporate a responsible investment policy.

Fund managers will be appointed for any collective fund scheme. The Foundation has appointed two investment management firms to manage the financial investments in the endowment (excluding the direct property) on a discretionary basis in line with this policy. Investment managers provide custody of assets. For smaller restricted funds individual investments will be made in Charifund.

The Charity Investment Governance Principles

The Foundation’s position in relation to this recently published non-statutory Code has been considered, in the context of the charity’s simple structure and remit. Feoffees are confident their own investment policy goes beyond the basic needs will continue to work within the Code as far as it is appropriate, reasonable and practicable to do so.

Fund Managers

The fund managers appointed for the Endowment fund are Cazenove Capital and CCLA. Restricted fund investments are placed with M&G.

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Marketable securities – Cazenove Capital, Multi-Asset Sustainable Fund and CCLA Charities Investment Fund

Overall, these investment funds have suffered from general market volatility which was in reaction to a number of global factors. Income remains steady but capital values continue to feel the impact. However, the Foundation has a long-term time horizon and other income streams so it is able to comfortably continue its charitable activities. From conversations with and communications from fund managers, Feoffees are aware that monitoring is in place and action has and is being taken to ensure that the funds in which they are invested are defensively and proactively managed. Since 31[st] March, these funds have made small recoveries.

Marketable securities – COIF Charities Property Fund

Fund growth for the year was 7.08% against a comparator benchmark of 6.35%. Unit prices remained fairly static during the year and income remained steady at 5.35%

Marketable securities – M&G Charifund

The individual holdings are small and managed so as to produce a good income (5.96%). Unit value increased 4.27%.

Property

The Foundation has a number of investment properties, which generate rental income. The Foundation’s residential letting agent assists with the management of housing stock, which is principally let by way of assured shorthold tenancies. The Steward manages the maintenance and repair of all property. A review of these properties was carried out in March 2025 by the residential letting agent looking at rental rates and estimates of market value, based on vacant possession, so as to ensure that properties are not carried above this. Recommendations for rental uplifts are implemented as tenancies change or at an appropriate review point as is the usual practice.

Pleasingly, rental markets in the residential sector have remained buoyant. The Foundation has benefited from increasing rental rates and few void periods which is, in part, also due to keeping properties in good repair. There were only four tenancy changes, each giving the opportunity for a further rent review and there were a further 19 routine residential rent reviews.

The Foundation has two larger commercial elements to the estate, being farmland at Treherns & Racecourse Farms, which are combined into one holding, and the land let to Stourbridge Golf Club Limited. Both of these tenancies have longer-term agreements and are managed by the Steward with advice taken from appropriate agents when required. A third property, now known as Swinford Court, was added in 2020. The School’s Governing Body had requested a lease on Swinford Court to accommodate its planned growth and an agreement has been drawn up and will be signed in June 2025.

Loan finance amounting to £2,485,000 from National Westminster Bank Plc, secured on Swinford Court, of which £997,828 was outstanding at the start of the year, has been fully repaid with no penalties.

Reserves policy

Unrestricted funds amount to £5,130,043 of which £3,381,657 is freely available.

The Feoffees have determined that the appropriate level of free reserves should be at least equivalent to approximately 50% of one year’s forecast expenditure from income and any amounts forecast to be transferred from free reserves to designated funds in the following year. The level takes into account the various sources of the Foundation’s income and its ongoing commitments and specifically:

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The Feoffees have designated reserves to ensure that their objectives can be routinely met, that they can be sustained, and that support can remain resilient where there might be short-term fluctuations. The level of designated funds is reviewed and assessed annually at the time of reviewing future forecasts. The Feoffees are satisfied that the designated funds are sufficient for their purpose and not excessive when compared to their future expenditure forecasts, and in particular:

On this basis the level of free resources at 31[st] March 2025 should be at least £610,016. The Feoffees consider the current level of free resources comfortable and affords them the opportunity to explore and support future projects in line with their expectations set out below in their plans for the future.

The Feoffees have considered their reserve policy and level of reserves in the light of current financial markets and ongoing inflationary pressures and expectations and forecasts for the year ahead concluding that it continues to be a prudent approach, that there is sufficient in reserve to support their planned activity and sufficient in reserve to consider further applications for support.

Plans for the future

The School and its community have faced many challenges and financial constraints over recent years from funding cuts and increased expectations of what is to be delivered as well as from the effects of the pandemic, geopolitical unrest and price inflation but it remains a strong community with the self-belief that it can continue to be sustainable, to grow, to keep its boarding vibrant and safe and to deliver good quality teaching for its pupils. It does this in the knowledge that the Foundation is steadfast and resolute in its supporting role. It is this underlying principle that drives the Foundation’s programmes to be sustainable yet adaptable and flexible. Our forecasts are built to show how the Foundation can achieve what it plans to do in the short to medium timeframe, driven by the School’s direction of travel and shaped by reflections on what has happened in recent times. These plans aim to:

Bursary support remains a priority and requests for support continue. The Feoffees consider they still have sufficient designated funds to enable them to offer more long-term support to pupils who would benefit from boarding but who would otherwise not be able to pay boarding fees and that awards considered in conjunction with, but independent of, the School’s admissions process is still proving to be a good way of working and is opening the boarding option to more children.

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Through their governance role in particular, Feoffees have learned a lot about the provision of education and the challenges of school leadership, finding that the impact of issues, which include absence and mental health concerns, continue to have significant impact on both the delivery and take up of education and that this is disruptive to effective learning. They can also impact on school safeguarding, where the challenges for the safeguarding team are becoming more complex and time consuming. Welfare support has been offered to the School should they find the Foundation are able to assist them in tackling these issues in whatever way the School considers appropriate and opportunities to do this are being looked at.

It is also crucial to continue supporting the School during its growth phase and the impact of project support is easy to see. The School’s relocation of departments into Swinford Court or repurposing spaces on the main campus continues, following a plan, so that each move delivers a long-term solution to providing high-class facilities in which to promote and extend learning. There is still more to do and projects are evolving. Our forecasts are built to show what scope there is for doing more and what resources we can deploy to do this.

Those Feoffees who are Governors will, during the next year, take part in the recruitment exercise to appoint a new Head for the School of the Foundation as the current incumbent will leave at the end of August 2026. All Feoffees will support the process and offer their support to whoever is appointed to take on this key role.

Feoffees’ responsibilities in relation to the financial statements

The Feoffees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).The law applicable to charities in England and Wales requires the Feoffees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, of the Foundation for that period.

In preparing the financial statements the Feoffees are required to:

The Feoffees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Scheme. They are also responsible for safeguarding the assets of the Foundation and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Feoffees on 27[th] June 2025 and signed on their behalf by

M Wilcox Chairman

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Independent Auditor’s Report to the Feoffees of Old Swinford Hospital

Opinion

We have audited the financial statements of Old Swinford Hospital for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation 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 Feoffees’ 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 Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Feoffees with respect to going concern are described in the relevant sections of this report.

Other information

The Feoffees are responsible for the other information contained within the annual report. 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

15

OLD SWINFORD HOSPITAL

Independent Auditor’s Report to the Feoffees of Old Swinford Hospital continued

Responsibilities of Feoffees

As explained more fully in the Feoffees’ responsibilities statement set out on page 13, the Feoffees 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 Feoffees 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 Feoffees are responsible for assessing the Foundation’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 Feoffees either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Foundation operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Foundation’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Foundation for fraud. The laws and regulations we considered in this context were Health and Safety legislation and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Feoffees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

16

OLD SWINFORD HOSPITAL

Independent Auditor’s Report to the Feoffees of Old Swinford Hospital continued

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the Feoffees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Feoffees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Foundation and the Feoffees, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Black Country House, Rounds Green Road, Oldbury, B69 2DG

Dated:

Crowe U.K. 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

17

OLD SWINFORD HOSPITAL

Statement of Financial Activity for the year ended 31[st] March 2025

Note

Income & endowments
Donations & legacies
3
Charitable activities
4
Investments & property
5
Other
6
Total income & endowments
Expenditure
Raising funds
Investment management fees
9
Property costs
10
Cost of raising funds
Charitable activities
11
Bursaries, prizes & welfare
Property costs
School development &
support
Cost of charitable activities
Other expenditure
12
Total expenditure
Net income/(expenditure)
before gains/(losses) on
investments
Net gains/(losses) on
investments
13
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
Reconciliation of funds
Net movement of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total
2025
Total
2024
£
£
£
£
£
79,446
9,458
0
88,904
136,723
27,500
0
0
27,500
27,500
1,488,633
14,113
0
1,502,746
1,414,461
50,650
0
0
50,650
50,500
1,646,229
23,571
0
1,669,800
**1,629,184 **
1,281
0
7,461
8,742
11,007
234,043
0
0
234,043
268,341
235,324
0
7,461
242,785
279,348
399,734
9,332
0
409,066
385,242
4,003
0
43,553
47,556
59,900
59,148
0
0
59,148
57,608
462,885
9,332
43,553
515,770
502,750
21,252
0
0
21,252
20,481
719,461
9,332
51,014
779,807
802,579
926,768
14,239
(51,014)
889,993
826,605
0
9,366
188,941
198,307
772,251
926,768
23,605
137,927
1,088,300
1,598,856
0
0
0
0
0
926,768
23,605
137,927
1,088,300
1,598,856
926,768
23,605
137,927
1,088,300
1,598,856
4,203,275
249,150
14,710,656
19,163,081
17,564,225
5,130,043
272,755
14,848,583
20,251,381
**19,163,081 **

Notes on and forming part of these financial statements are attached.

18

OLD SWINFORD HOSPITAL

Balance Sheet as at 31[st] March 2025

Note
Fixed assets
Tangible fixed assets
15
Investments
16
Total fixed assets
Current assets
Stock
Debtors
17
Cash at bank and in hand
22
Total current assets
Liabilities
18
Creditors: amounts falling due within
one year
Net current assets/liabilities
Total assets less current liabilities
Creditors: amounts falling due more
than one year
Provisions for liabilities
Net assets
The funds of the Foundation
Endowment funds
19
Restricted funds
20
Unrestricted funds
21
Total charity funds		 Total funds
2025
£
£
1,693,945
17,951,823
19,645,768
3,376
85,626
1,103,675
1,192,677
(145,160)
1,047,517
20,693,285
0
(441,904)
20,251,381
14,848,583
272,755
5,130,043
20,251,381		 Total funds
2025
£
£
1,693,945
17,951,823
19,645,768
3,376
85,626
1,103,675
1,192,677
(145,160)
1,047,517
20,693,285
0
(441,904)
20,251,381
14,848,583
272,755
5,130,043
20,251,381		 Total funds
2024
£
£
1,737,230
17,729,484
19,466,714
3,442
134,312
1,181,652
1,319,406
(269,437)
1,049,969
20,516,683
(865,590)
(488,012)
19,163,081
14,710,656
249,150
4,203,275
19,163,081		 Total funds
2024
£
£
1,737,230
17,729,484
19,466,714
3,442
134,312
1,181,652
1,319,406
(269,437)
1,049,969
20,516,683
(865,590)
(488,012)
19,163,081
14,710,656
249,150
4,203,275
19,163,081
3,376
85,626
1,103,675		 3,442
134,312
1,181,652
1,192,677 1,319,406
(145,160) (269,437)
20,693,285
0
(441,904)		 20,516,683
(865,590)
(488,012)
**20,251,381 ** **19,163,081 **
14,848,583
272,755
5,130,043		 14,710,656
249,150
4,203,275
20,251,381 19,163,081

Approved by the Feoffees on 27[th] June 2025 and signed on their behalf by

M Wilcox Chairman

Notes on and forming part of these financial statements are attached.

19

OLD SWINFORD HOSPITAL

Statement of Cash Flows for the year ended 31[st] March 2025

Note
Cash flows from operating activities:
23
Net cash provided by/(used in) operating
activities
Cash flows from investing activities:
Dividends, interest & rents from investments
Purchase of property
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing
activities
Cash flows from financing activities:
Repayments of borrowing
Net cash provided by/(used in) financing
activities
Change in cash & cash equivalents in the
reporting period
Cash & cash equivalents at the beginning of
the reporting period
Cash & cash equivalents at the end of the
reporting period
Analysis of cash & cash equivalents
Cash in hand
22		 31st March 2025
£
£
(558,595)
1,502,746
0
0
(24,300)
1,478,446
(997,828)
(997,828)
(77,977)
1,181,652
1,103,675
1,103,675		 31st March 2025
£
£
(558,595)
1,502,746
0
0
(24,300)
1,478,446
(997,828)
(997,828)
(77,977)
1,181,652
1,103,675
1,103,675		 31st March 2024
£
£
(648,681)
1,414,461
(395,000)
5,677,420
(5,249,585)
1,447,296
(1,068,593)
(1,068,593)
(269,978)
1,451,630
1,181,652
**1,181,652 **		 31st March 2024
£
£
(648,681)
1,414,461
(395,000)
5,677,420
(5,249,585)
1,447,296
(1,068,593)
(1,068,593)
(269,978)
1,451,630
1,181,652
**1,181,652 **
(997,828) (1,068,593)
(77,977)
1,181,652		 (269,978)
1,451,630
1,103,675 1,181,652
1,103,675 **1,181,652 **

20

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025

1. Accounting policies

Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the Charities Act 2011, the Statement of Recommended Practice: 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

They have been prepared on the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts and accounting policies have been applied consistently throughout this year and the preceding year unless likewise stated.

The combination of the strong liquidity position, the practice of allocating funds for projects yet to be identified, the stress testing of forecasting models and the identification and assessment of income streams that may be at risk provide the Feoffees with high degrees of confidence that the charity is well placed to continue its work in a meaningful way. In particular, the Feoffees are not aware of any material uncertainties that cast significant doubt on the Foundation’s ability to continue as a going concern .

Public benefit entity

The Foundation constitutes a public benefit entity as defined by FRS 102.

Funds

(i) The Foundation has a permanent endowment, which was derived from the will of Thomas Foley, made and published, in or about the month of January 1671, to be used in furtherance of the objects of the Foundation. Income arising on the endowment is wholly unrestricted.

(ii) Restricted funds are those that are to be used in accordance with donors’ instructions. They were created by legacies and donations that aim to further and support charitable activities by providing for bursaries, prizes and welfare.

(iii) Unrestricted funds are those funds available for use in furtherance of the Foundation’s charitable objectives and include funds designated, at the Feoffees’ discretion, for specific purposes.

(iv) Transfers between Funds are at valuation unless otherwise stated.

Further details of each fund are set out in notes 19-21.

Income recognition

Income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

(i) Donations & legacies Donations are recognised when the Foundation has been notified of both the value and expected date of receipt otherwise they are accounted for on a receipts basis. Incoming resources from associated tax reclaims are included at the same time as the gift to which they relate.

(ii) Investment income

Investment income derived from deposits and securities will normally be recognised on receipt of a statement or payment advice. Where it is derived from a rental agreement it will be recognised in accordance with the payments dates and values in that agreement.

(iii) Taxation

The income of the Foundation is not subject to taxation, save for that deducted at source and irrecoverable. Value added tax is chargeable on eligible taxable supplies and, for property rental, where there is an option to tax.

21

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

Expenditure recognition

Expenditure is charged on an accruals basis and liabilities are recognised where there is a legal or constructive obligation committing the Foundation to the expenditure, it is probable that settlement will be requested and the amount of the obligation can be reliably measured.

(i) Grants

Grants made to the School of the Foundation are conditional only on their being used solely for the purpose for which they were intended. They are recognised as expenditure when the School has been notified of the award and its value.

Grants awarded for the bursary and welfare support of individuals connected with the School may have further conditions attached and, to the extent that this is the case, instalments or future payments may be withdrawn if these conditions are not met. Grants for bursary and welfare support are recognised as expenditure when the recipient has been notified of the award and its value. Grants for bursary support are generally given for one academic year (paid termly) however if they are made for more than one academic year the multi-year grant is recognised as expenditure when the recipient has been notified of the award, its term and its value.

Where the Foundation is notified that a condition attached to an award has not been met then further instalments will be suspended until a decision is reached as to whether the grant will remain payable or be withdrawn. Until such time as this decision is made the grant is recognised as probably payable.

The granting of any award for bursary support is at the sole discretion of the Feoffees and there is no obligation to continue any support programme for any period beyond that agreed with the recipient however realistically this support will probably continue although the term and value may vary. The Feoffees remain mindful that they would not seek to reduce the assistance they can provide through support programmes wherever possible, as this would probably be to the detriment of the recipient’s education and which would most likely be interrupted. To reduce this risk, provision is made for continuing bursary support beyond any agreed and notified awards where there are reasonable grounds to assume that circumstances will require it to be continued and that the applicant is likely to qualify for further support. The value of any award is at the discretion of the Feoffees and so, for the purpose of establishing the value of any such provision, the current rate is used unless the Feoffees are aware of any factors which would influence the value of the award in which case these will be applied in making a judgement as to the value of the provision.

(ii) Allocation of support costs and governance

Excepting investment management fees, which are charged to endowment funds, all other costs are charged against unrestricted income. That part which might be charged against restricted funds is considered too small a proportion to reasonably calculate and apportion.

Wherever possible expenditure is allocated to the activity to which it relates. The Foundation incurs little in the way of general running and overhead costs, being administered by the Steward out of one office within the school. Support costs comprise principally staff costs, office costs and meetings costs and are allocated based on an estimate of time spent. The basis of allocation is set out in note 7.

The costs of compliance with regulation and good practice, including statutory audit fees, trustee indemnity insurance and legal fees relating to governance, together with an apportionment of support costs are disclosed as other expenditure. They neither relate to raising funds nor are they related to expenditure on charitable activities. Other expenditure is detailed in note 12 to the accounts.

(iii) Taxation

Value added tax is recoverable to the extent it is associated with an eligible taxable supply and, for properties, where there is an option to tax. Irrecoverable value added tax is charged against the category of expenditure to which it relates.

22

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

Fixed assets

(i) Tangible fixed assets and depreciation

Tangible fixed assets are assets for the Foundation's own use and comprise the land and buildings making up the site of the School of the Foundation.

Expenditure on additions and major capital improvements are capitalised but contributions to school and other property repairs are charged against revenue or funds set-aside for that purpose.

Tangible fixed assets are included at cost net of grants receivable by the Foundation and, excluding freehold land, depreciated on a straight-line basis at 2% per annum.

(ii) Investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the following methods:

Any exceptions in applying the valuation methods are set out in the relevant notes to these accounts.

The Statement of Financial Activity includes the net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if they have been purchased during the year. Unrealised gains and losses are calculated as the difference between the fair value at the yearend (as described above) and their opening carrying value or their purchase value if they have been purchased during the financial year. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Debtors

Debtors are measured at cost less any impairment.

Creditors and provisions

Creditors and provisions are recognised when the charity has an obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. They are normally recognised at their settlement amount.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and are subsequently measured at their settlement value. Financial assets comprise investment in securities, debtors and cash balances and financial liabilities comprise creditors, provisions and bank loans. All of these are detailed in the notes to the accounts.

Stocks of sundry stores

Stocks of sundry stores are valued at their cost net of any deduction for impairment.

23

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

2. Trustees’ expenses, remuneration and related party transactions

Feoffees give of their time freely and willingly to both the Foundation and the School. No remuneration or expenses were paid in the year, neither did any Feoffee, or person connected with a Feoffee, receive any benefit from the Foundation.

There were no related party transactions during the year.

3. Donations

.
Donations
Unrestricted funds
2025
2024
£
£
Prize fund and bursary donations
0
0
General donations
79,446
126,793
79,446
126,793
.
Income from charitable activities
Provision of clerking and other administrative assistance to the School of
the Foundation and its Governing Body		 Unrestricted funds
2025
2024
£
£
0
0
79,446
126,793		 Restricted funds
2025
2024
£
£
9,458
9,930
0
0
79,446
126,793		 9,458
9,930
2025
2024
£
£
27,500
27,500

4. Income from charitable activities

5. Investment & property income

Marketable securities – listed in the UK
Marketable securities – listed outside the UK
Property
Bank & other interest
6.
Other income
Wayleaves
Property administration fees
Facilities fee		 Unrestricted funds
2025
2024
£
£
114,322
116,735
0
1,521		 Restricted funds
2025
2024
£
£
14,113
13,097
0
0
114,322
118,256
1,333,478
1,253,802
40,833
29,306		 14,113
13,097
0
0
0
0
1,488,633
1,401,364		 14,113
13,097
2025
2024
£
£
500
500
150
0
50,000
50,000
50,650
50,500

24

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

7. Allocation of support costs

.
Allocation of support costs
Staff costs
Office services, meetings costs and
general consumables
Year to 31stMarch 2025
Staff costs
Office services, meetings costs and
general consumables
Year to 31stMarch 2024		 Cost of
raising funds
Charitable
activities
Governance
Total
allocated
£
£
£
£
26,225
8,741
8,741
43,707
3,827
1,275
1,275
6,377
30,052
10,016
10,016
50,084
24,146
8,049
8,049
40,244
3,598
1,199
1,199
5,996
27,744
9,248
9,248
46,240

Support costs have been apportioned between the cost of raising funds, charitable activity (excluding the provision of clerking and other administrative assistance) and governance based on an estimate of staff time being 60%, 20% and 20% respectively (2024: 60%, 20% and 20%). The provision of clerking and other administrative assistance to the School absorbs a significant number of the available hours and the staff cost of providing this is allocated to that activity. No additional support costs have been added.

8. Staff costs and remuneration of key personnel

In accordance with the provisions of the Scheme, the Feoffees continue to employ one person as Steward; a role they consider a key management position. On behalf of the Foundation the Steward also provides clerking and other administrative assistance to the School and its Governing Body.

No remuneration, expenses or benefits were paid to the Feoffees during the year (2024: £nil).

Staff costs amounted to £102,854 (2024: £97,851) and included social security costs of £5,692 (2024: £5,131) and pension contributions of £10,592 (2024: £10,213). The Steward’s emoluments fall into the bracket £90,000-£100,000 (2024: £80,000-£90,000).

9. Investment management fees

.
Investment management fees
Unrestricted funds Endowment
2025 2024 2025 2024
£ £ £ £
Investment management fees 1,281 535 7,461 10,472

Investment management fees are those fees charged by fund managers for the management and administration of the Foundation’s portfolio of marketable securities, managed funds and cash deposits.

10. Property costs

0.
Property costs
Property maintenance
Other property costs
Insurance
Loan interest
Letting & other professional fees
Support costs		 2025
2024
£
£
113,542
53,040
2,828
3,194
4,946
4,498
33,328
132,838
49,347
47,027
30,052
27,744
234,043
268,341

25

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

11. Charitable activities

Bursaries, prizes & welfare from unrestricted funds
Provision of bursaries & prizes:
Bursaries
Prizes & other awards
Provision of welfare requests:
Welfare
School Fund
Supporting excellence in education
Hospitality & functions
Other donations:
Donation to St Mary’s Church
Bursaries, prizes & other support from restricted funds
Bursaries, prizes & welfare support
Donation to Old Foleyans Association
Total expenditure on bursaries, prizes & welfare
Property costs
School maintenance projects from unrestricted funds
Depreciation from endowment funds
Total expenditure on property
School development & support
Provision of clerking and other administrative assistance
Total expenditure on school development & support
Summary of expenditure on charitable activities:
Bursaries, prizes & welfare
Property costs
School development & support
Support Costs		 2025
2024
£
£
241,268
207,512
2,539
2,500
1,504
562
213
25
134,981
152,986
6,216
320
4,500
4,500
391,221
368,405
6,200
6,000
3,132
2,976
9,332
8,976
400,553
377,381
2,500
14,960
43,553
43,553
46,053
58,513
59,148
57,608
59,148
57,608
400,553
377,381
46,053
58,513
59,148
57,608
10,016
9,248
515,770
502,750

The Foundation awarded grants to a number of individuals, to the School of the Foundation and to organisations directly and closely associated with the School. Individuals receiving grants are all members, or former members, of the School community.

Bursary awards were made to 53 individuals (2024: 49) to assist with the payment of boarding fees for pupils at the School. Grants were also made towards the payment of fees for individual music and language tuition, Lamda lessons, Duke of Edinburgh training, participation in competitive athletics and CCF awards.

Welfare requests are grants to the School of the Foundation.

A donation is made to St Mary’s Church, Old Swinford, for the use of the church for services throughout the year by the School and in lieu of collection from the pupils of the School.

Depreciation is charged on tangible fixed assets and investment assets designated for the Foundation’s own use, excluding freehold land.

26

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

Support costs have been allocated in accordance with note 7 as follows:

Charitable activity Support costs Total
£ £ £
Bursaries, prizes and welfare 400,553 8,513 409,066
Property costs 46,053 1,503 47,556
School development & support 59,148 0 59,148
Year to 31stMarch 2025 505,754 10,016 515,770
Bursaries, prizes and welfare 377,381 7,861 385,242
Property costs 58,513 1,387 59,900
School development & support 57,608 0 57,608
Year to 31stMarch 2024 493,502 9,248 502,750
12.
Other expenditure
Support costs
Audit fees
Indemnity insurance		 2025
2024
£
£
10,016
9,248
8,786
8,900
2,450
2,333
21,252
20,481

The auditors’ remuneration was solely in respect of audit fees paid and payable to Crowe U.K. LLP.

13. Net gains/(losses) on investments

Gains/(losses) on:
Disposal of marketable securities
Unrealised gains/(losses) on:
Estate property
Housing property
Marketable securities
Total gains/(losses)		 Restricted
funds
Endowment
funds
Total
2025
Total
2024
£
£
£
£
0
0
0
67,077
0
85,187
85,187
5,871
0
234,360
234,360
247,445
9,366
(130,606)
(121,240)
451,858
9,366
188,941
198,307
705,174
9,366
188,941
198,307
772,251

14. Transfer between funds

Within unrestricted income funds amounts were transferred to designated funds for purposes as follows:

(d) £250,000 was transferred between investment property maintenance and school maintenance to better support campus maintenance and development.

27

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

15. Tangible fixed assets

Cost or valuation:
At 1stApril and 31stMarch
Depreciation:
At 1stApril
Charged in the year
At 31stMarch
Net book value at 31st March		 Freehold
Total
Total
Land
Buildings
2025
2024
£
£
£
£
387,119
2,164,243
2,551,362
2,551,362
0
814,132
814,132
770,847
0
43,285
43,285
43,285
0
857,417
857,417
814,132
387,119
1,306,826
1,693,945
1,737,230

Tangible fixed assets are assets for the Foundation's own use and comprise the land and buildings making up the site of the School of the Foundation. They are included in the financial statements at a valuation of 1[st] January 1950 plus the cost of additions since that date, net of grants receivable by the Foundation. Depreciation is charged against buildings at 2% per annum on a straight-line basis.

16. Investments

6.
Investments
Freehold
estate
Freehold
housing
Leasehold
housing
Securities &
investment
fund units
£
£
£
£
Cost or valuation:
At 1stApril
6,140,917
3,188,184
1,988,168
6,418,383
Additions at cost
0
0
0
24,300
Disposals at opening
book value
0
0
0
0
Net revaluation
gains/(losses) in year
85,186
176,000
58,361
(121,240)
At 31stMarch
6,226,103
3,364,184
2,046,529
6,321,443
Cost or prior valuation
at 31stMarch
4,290,233
1,147,927
1,590,280
5,748,383
Depreciation:
At 1stApril
0
(6,168)
0
Charged in the year
0
(268)
0
At 31stMarch
0
(6,436)
0
Net book value
at 31st March
6,226,103
3,357,748
2,046,529
6,321,443
Analysis of value by fund:
Unrestricted funds
0
0
0
4,539,902
Restricted funds
0
0
0
255,426
Endowment funds
6,226,103
3,357,748
2,046,529
1,526,115
6,226,103
3,357,748
2,046,529
6,321,443		 Freehold
estate
Freehold
housing
Leasehold
housing
Securities &
investment
fund units
£
£
£
£
6,140,917
3,188,184
1,988,168
6,418,383
0
0
0
24,300
0
0
0
0
85,186
176,000
58,361
(121,240)


Total
2025
Total
2024

£
£

17,735,652
16,996,236

24,300
5,644,585

0
(5,610,343)
198,307
705,174
6,226,103
3,364,184
2,046,529
6,321,443
17,958,259
17,735,652

4,290,233
1,147,927
1,590,280
5,748,383		 12,776,823
12,752,523
0
(6,168)
0
0
(268)
0
0
(6,436)
0
6,226,103
3,357,748
2,046,529
6,321,443		 (6,168)
(5,900)
(268)
(268)
(6,436)
(6,168)
17,951,823
17,729,484

4,539,902
3,534,678

255,426
221,761

13,156,495
13,973,045
6,226,103
3,357,748
2,046,529
6,321,443
17,951,823
17,729,484

All investments are carried at their fair value, which has been determined for each class of asset as set out next.

28

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

Property

As a general rule the fair value of investment property has been calculated with reference to rental income generated on each property capitalised at an expected average rate of return for that type of property in continued existing use. The Feoffees consider the basis adopted to be reasonable, fair and realistic and to reflect the use of the asset.

Where this basis is used the resultant values are compared to market values or approximations, in so far available, and values reduced to the extent that they may be higher than market value.

A review of residential rental values was carried out in March 2025 by Mr J R Harris, of Ian Perks Estate Agents. The review also reported on estimates of market value, based on vacant possession, so as to ensure that properties are not carried above this. Three properties (2024: three) have a calculated value in excess of its recommended market value and have accordingly been reduced to fall in line.

Where capitalising rental would give an unrealistic valuation or where there is no rental to base a valuation upon for example, the fair value of each property is separately assessed in the context of its use or intended use. This has been applied as follows:

Securities

The fair value of investment in COIF Charities Investment Fund units is established by reference to rates published by CCLA as is the value of investment in COIF Property Fund units.

The fair value of investment in Cazenove Charity Sustainable Multi-Asset Fund units is established by reference to rates published by Cazenove Capital.

The fair value of investment in M&G Charifund units is established by reference to rates published by M&G Investments.

The Feoffees consider that generally, individual holdings with a valuation in excess of 5% of the total portfolio value are material. They also consider the land comprising Treherns & Racecourse Farms and the Stourbridge Golf course to be significant although their valuation is less than 5% of the total portfolio.

29

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

As at 31[st] March the following material investments were held:

Holdings valued above 5%:
Swinford Court
COIF Charities Investment Fund
Cazenove Charity Sustainable Multi-Asset Fund
Other significant holdings:
Treherns & Racecourse Farms
Stourbridge Golf Course
17.
Debtors
Rental income and licence fees due
Provision for doubtful debts
Debtors, prepayments and accrued income
18.
Liabilities
Creditors: amounts falling due within one year:
Rentals received in advance and deposits held
Bursaries, prizes and welfare
Taxation due
Creditors and accrued fees
Bank loan
Creditors: amounts falling due more than one year:
Bank loan
Provisions for liabilities
Provisions for bursary support brought forward
Allocated to bursary awards
Additional provision
Provision for bursary support carried forward
Provisions for awards expected within one year
Provisions for awards expected in more than one year		 2025
2024
£
£
3,522,500
3,522,500
2,949,898
3,057,307
2,981,469
3,004,459
9,453,867
9,584,266
464,286
464,286
692,550
692,550
10,610,703
10,741,102
2025
2024
£
£
3,421
3,306
(2,948)
(2,948)
85,153
133,954
85,626
134,312
2025
2024
£
£
22,979
37,319
99,396
81,798
1,535
1,340
21,250
16,742
0
132,238
145,160
269,437
0
865,590
0
865,590
488,012
529,728
(191,806)
(191,053)
145,698
149,337
441,904
488,012
215,270
212,755
226,634
275,257
441,904
488,012

The movement in provisions for bursary support is the net increase/(decrease) in provision after a reassessment of expected future costs to maintain current bursary awards.

The term loan with National Westminster Bank Plc for the sum of £2,485,000 taken in March 2020 to facilitate the acquisition of the former Stourbridge College site (now known as Swinford Court) and on which the loan was secured, was repaid in full during the year.

30

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

19. Endowment funds

9.
Endowment funds
Balance Movement in funds Balance
1st April Income Expenditure Gains & losses 31st March
£ £
£		 £ £
Permanent endowment fund
Year to 31stMarch 2025 14,710,656 0 (51,014) 188,941 14,848,583
Year to 31stMarch 2024 13,988,290 0 (54,025) 776,391 14,710,656

Permanent endowment funds are those funds derived from the will of Thomas Foley, the income from which is used in furtherance of the objects of the Foundation.

20. Restricted funds

20.
Restricted funds
Balance Movement in funds Balance
1st April Income Expenditure Gains & losses 31st March
£ £
£		 £ £
D T Plant fund 29,703 1,842 (1,842) 1,266 30,969
Williams-Thomas bursary fund 15,946 906 (800) 623 16,675
Don Williams prize fund 16,637 826 (400) 568 17,631
Kieran Duffy memorial fund 36,702 2,056 (1,500) 1,383 38,641
Krukowski maths fund 11,263 621 0 411 12,295
William Cooper bursary fund 7,772 416 (250) 277 8,215
Parents’ bursary fund 90,706 14,148 (2,500) 3,159 105,513
Owen Evans fund 9,885 562 (350) 386 10,483
Dyson fund 14,248 886 (886) 609 14,857
Sheila Tuft Fund 9,784 590 (400) 406 10,380
Brian Norgrove Fund 6,504 404 (404) 278 6,782
CFR Potter Fund 0 314 0 0 314
Year to 31stMarch 2025 249,150 23,571 (9,332) 9,366 272,755
Prior Year balances
D T Plant fund 30,269 1,751 (1,751) (566) 29,703
Williams-Thomas bursary fund 16,106 861 (750) (271) 15,946
Don Williams prize fund 16,099 785 0 (247) 16,637
Kieran Duffy memorial fund 36,864 1954 (1,500) (616) 36,702
Krukowski maths fund 11,109 590 (250) (186) 11,263
William Cooper bursary fund 7,751 395 (250) (124) 7,772
Parents’ bursary fund 80,234 14,371 (2,500) (1399) 90,706
Owen Evans fund 9,869 534 (350) (168) 9,885
Dyson fund 14,513 841 (841) (265) 14,248
Sheila Tuft fund 9,800 561 (400) (177) 9,784
Brian Norgrove Fund 6,625 384 (384) (121) 6,504
Year to 31st March 2024 239,239 23,027 (8,976) (4,140) 249,150
The D T Plant fund, created by legacy, provides income payable to the Old Foleyans Association.

The Williams-Thomas bursary fund, created by legacy, pays income to support pupils at the School.

The Don Williams prize fund, created by legacy, pays income towards providing prizes for academic achievement.

31

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

The Kieran Duffy memorial fund, created by donations in memory of a former pupil killed in a flying accident during the Gulf War, provides income to support pupils at the School.

The Krukowski maths fund, created by donation, pays income for a grant to be given to a pupil going on to study mathematics at university and nominated by the Headmaster.

The William Cooper bursary fund, created by legacy, allows for both income and capital to be used at the discretion of the Feoffees to support pupils at the School.

The Parents’ bursary fund, created by donations from parents, allows for both income and capital to be used at the discretion of the Feoffees to assist any needy pupil at the School.

The Owen Evans fund, created by donation, pays income to support pupils at the School.

The Dyson fund, created by legacy, is for the benefit of the Old Foleyans Association.

The Sheila Tuft fund, created by legacy, allows for both income and capital to be used at the discretion of the Feoffees for general charitable purposes in memory of Mrs Christine Forshaw (nee Edge).

The Brian Norgrove fund, created by legacy, is for the benefit of the Old Foleyans Association.

The CFR Potter Fund was established as a bursary fund following the retirement of the former Headmaster, Christopher Potter in 2001. The donations previously received were all applied for the purpose of the fund. A further donation was received this year in memory of Mr Potter.

21. Unrestricted funds

Income funds
Designated funds:
Bursary & Welfare fund
School property
maintenance fund
Investment property
maintenance fund
Land development fund
Excellence in Education
Year to 31stMarch 2025
Prior Year balances
Income funds
Designated funds:
Bursary & Welfare fund
School property
maintenance fund
Investment property
maintenance fund
Land development fund
Excellence in Education
Year to 31stMarch 2024		 Balance
Movement in funds
Balance
1st April
Income Expenditure
Transfers
31st March
£
£
£
£
£
2,473,243
1,646,229
(231,582)
(506,233)
3,381,657
417,949
0
(241,269)
350,000
526,680
76,757
0
(2,500)
250,000
324,257
897,986
0
(113,542)
(170,000)
614,444
211,572
0
(4,800)
0
206,772
125,768
0
(125,768)
76,233
76,233
4,203,275
1,646,229
(719,461)
0
5,130,043
1,847,464
1,606,157
(389,610)
(590,768)
2,473,243
275,461
0
(207,512)
350,000
417,949
76,717
0
(14,960)
15,000
76,757
851,026
0
(53,040)
100,000
897,986
219,837
0
(8,265)
0
211,572
66,191
0
(66,191)
125,768
125,768
3,336,696
1,606,157
(739,578)
0
4,203,275

Unrestricted funds include funds set aside by the Feoffees out of unrestricted income funds for the purpose of:

Providing for bursary and welfare support

The Feoffees consider that a strong working capital base should be provided to support applications for bursary and welfare grants, which are made on an ‘as needs’ basis.

Providing for contributions to capital expenditure and repair of school property

A working capital base is maintained so that the Foundation can assist the Governing Body by providing grants from time to time to assist with capital projects and repairs.

32

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

Attending to maintenance on estate and housing properties held as investments

The Feoffees consider that at all times sufficient funds should be set aside for property repairs consistent with a portfolio that includes a substantial property holding. Funds are set aside for specific properties and in general, the general element not to be less than £100,000.

Future land development

Funds have been set aside so that the Foundation can call upon resources to protect or develop its estate.

Excellence in education

Funds set aside to promote excellence in education.

22. Analysis of net assets between funds
Unrestricted Restricted Endowment Total
£ £ £ £
Fund balances are represented by:
Tangible fixed assets 0 0 1,693,945 1,693,945
Investments 4,539,902 255,426 13,156,495 17,951,823
Net current assets/ (liabilities) 1,032,045 17,329 (1,857) 1,047,517
Provisions for liabilities (441,904) 0 0 (441,904)
Net assets at 31stMarch 2025 5,130,043 272,755 14,848,583 20,251,381
Unrealised gains/(losses) included above, and all in respect of investments:
0 25,457 5,155,979 5,181,436
Cash balances included in current assets above:
1,086,346 17,329 0 1,103,675
Prior year fund balances are represented by:
Tangible fixed assets 0 0 1,737,230 1,737,230
Investments 3,534,678 221,761 13,973,045 17,729,484
Net current assets/ (liabilities) 1,156,609 27,389 (134,029) 1,049,969
Liabilities more than one year 0 0 (865,590) (865,590)
Provisions for liabilities (488,012) 0 0 (488,012)
Net assets at 31stMarch 2025 4,203,275 249,150 14,710,656 19,163,081
Unrealised gains/(losses) included above, and all in respect of investments:
0 16,091 4,964,079 4,980,170
Cash balances included in current assets above:
1,154,263 27,389 0 1,181,652
2025 2024
The net cash balance is held as follows: £ £
HSBC Bank Plc Current account 113,842 113,526
Deposit accounts 346,979 626,678
National Westminster Bank Plc Current account 5,139 30,139
Evelyn Partners Deposit accounts 0 18
Cazenove Capital Liquidity account 637,676 411,251
Income account 10 11
Cash 29 29
1,103,675 1,181,652

33

OLD SWINFORD HOSPITAL

Notes to the Financial Statements for the year ended 31[st] March 2025 continued

23. Reconciliation of net movement in funds to net cash flow from operating activities and analysis of change in net debt

2025
£
Net income/(expenditure) for the reporting period as
per the Statement of Financial Activity
1,088,300
Adjustments for:
Depreciation charges
43,553
(Gains)/losses on investments
(198,307)
Dividends, interest and rents from investments
(1,502,746)
(Increase)/decrease in stocks
66
(Increase)/decrease in debtors
48,686
Decrease in creditors
(38,147)
Net cash provided by (used in) operating activities
558,595
Analysis of changes in net debt in the year to 31st March 2025
1st April
Cash flows
Other non-
cash changes
£
£
£
Cash
1,181,652
(77,977)
0
Loans:
Falling due within one year
(132,238)
165,566
(33,328)
Falling due after more than one year
(865,590)
865,590
0
Year to 31stMarch 2025
183,824
953,179
(33,328)		 2025
£
Net income/(expenditure) for the reporting period as
per the Statement of Financial Activity
1,088,300
Adjustments for:
Depreciation charges
43,553
(Gains)/losses on investments
(198,307)
Dividends, interest and rents from investments
(1,502,746)
(Increase)/decrease in stocks
66
(Increase)/decrease in debtors
48,686
Decrease in creditors
(38,147)
Net cash provided by (used in) operating activities
558,595
Analysis of changes in net debt in the year to 31st March 2025
1st April
Cash flows
Other non-
cash changes
£
£
£
Cash
1,181,652
(77,977)
0
Loans:
Falling due within one year
(132,238)
165,566
(33,328)
Falling due after more than one year
(865,590)
865,590
0
Year to 31stMarch 2025
183,824
953,179
(33,328)		 2024
£
1,598,856
43,553
(772,251)
(1,414,461)
(2,434)
(7,943)
(94,001)
(648,681)
31st March
£

1,103,675
0
0
183,824
953,179
(33,328)		 1,103,675

24. Contingent liabilities and capital commitments

Capital expenditure authorised but not yet contracted for amounted to £nil (2024: £nil) and capital expenditure contracted for but not provided amounted to £nil (2024: £nil). Major expenditure contracted for, but not yet provided amounted to £nil (2024: £nil).

34