The Trustees, who are also Directors of Tarporley War Memorial Hospital Trust (‘The Trust’ or ‘the Charity’) for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
During the year under review, the Charity was focused on cementing its new operating model and articulating its broader ambition to benefit the health and wellbeing of the local community, at every stage of life. To achieve our charitable aims, we now work in partnership with others and offer funding support to enhance health and social care services, going above and beyond what the NHS provides. We have recently amended our Articles of Association to better reflect this and continue to engage with our stakeholders to understand their views on local health and wellbeing priorities and ways in which we can add value.
As our strategic partner on site since April 2022, the Countess of Chester Hospital NHS Foundation Trust (“CoCH”) is responsible for developing clinical services at the Tarporley facility, working with other local healthcare providers to offer a broad range of outpatient services. The hospital also serves as a rural hub for healthcare teams providing patient care within the community. Improving access to services in this way increases patient choice and supports the national vision for the health and social care system: providing care that is closer to home and embedded within communities.
Vision, Mission and Values
During the year 2023-24, while the Charity sought permission to amend its Articles of Association, Trustees also reflected on the vision, mission and value statements that would underpin its revised charitable objects, namely:
The advancement of health
The relief of those in need by reason of age, ill health or disability
OUR VISION – A community in which everyone has access to the health and social care services and support they need.
OUR MISSION – To benefit the health and wellbeing of the local community. We fund enhancements to services provided at TWMH or within the wider community, going above and beyond what the NHS provides.
OUR VALUES
Health & wellbeing - we are passionate about supporting the physical and mental health and wellbeing of our community.
Community - is important to us. We want to make a real difference and offer the help and support people need, at the hospital premises, at home or elsewhere. We are happy to work in partnership with others to achieve our aims.
Caring - we care about what we do. We believe we can make a difference to those who need health and wellbeing care and support.
Openness and transparency – we want to understand how best we can help people who might need us; we are proactive and present in the community and value feedback and engagement.
During the reporting year, Trustees also reset the Charity’s strategic objectives to ensure these were aligned with its new operating model and revised purpose:
a. To create a culture which enables our staff and stakeholders to thrive
During 2023/24, the Trust updated its fundraising and communications strategies in line with its new operating model as a landlord and grant-making charity. Staff and stakeholders were closely involved in this process through a series of internal workshops and regular engagement with local charities, community groups and businesses. We have encouraged feedback and listened actively, which has been key to shaping our future direction and determining our priorities.
We also recognise the power of collaboration and information sharing and have actively sought new partners to help us achieve our goals. We are now much clearer about our new role and how we can add value through our strategic partnerships, which continue to grow in number and scope.
b. To engage openly and effectively with our community partners
Throughout the year, the Trust’s dedicated Community Engagement Officer continued to build strong connections with a host of other charities, community groups and local businesses. This provided valuable insight in terms of local needs and potential gaps in provision. Following an extended period of reflection in the previous year to consider the Charity’s future direction, our focus shifted during 2023/24 to identifying projects or services that could benefit directly from our support or grant funding.
At the same time, we continued to work closely with CoCH as our strategic partner on site, helping to raise awareness of service developments and sharing ideas and opportunities. In June 2023 we hosted a joint open evening at the hospital, which was very well attended, to showcase the updated facilities and gather further feedback.
Similarly, we held our Annual General Meeting (AGM) in November 2023 with our CoCH colleagues providing an update on their plans for Tarporley Hospital and listening to local views. During the AGM, the community spoke of a lack of day care facilities for the elderly, which had formed part of the Trust’s own offering before it ceased service provision in late 2021. In response to this feedback, the Trust agreed to work in partnership with Eternity Care Services Ltd to offer a new day care service at Tarporley Hospital. With CoCH’s support, a twice-weekly service was introduced in late March 2024 and is being subsidised by the Charity.
Partnering with other organisations whose aims and objectives are aligned to our own is now an integral part of our model, enabling us to increase our reach and improve more aspects of health and wellbeing. Continuous dialogue with our stakeholders is also key to understanding where we can add most value. We are committed to working in this way to ensure the Charity’s plans and funding decisions reflect local health and wellbeing needs and priorities.
c. To enhance health and social care provision within our community
We provide funding support to enhance the experience and outcomes for those accessing care or support in Tarporley and the surrounding communities, going above and beyond what the NHS provides. This is a fundamental principle that guides Trustees’ decision making; the Charity will not provide funding to support the NHS where we believe that funding should come from government, and we recognise the importance of this to our donors and supporters too. However, we will fund the development of facilities at the hospital to enable or improve rural service provision as well as community-based health and social care initiatives that enhance services.
d. To consolidate our financial sustainability
Having produced a small net surplus in the reporting period, Trustees remain confident that the Charity’s partnership with CoCH will go a long way towards achieving financial sustainability and safeguarding the Tarporley facility’s long-term future. After reversing a longstanding trend of annual operating losses, the Charity is now on a sound financial footing and able to consider increasing its spending on charitable activities. Indeed, immediately after the reporting period (from April to June 2024), the Trust invited applications for grant funding from local organisations whose activities would help us advance our charitable aims.
We have a duty to report on our charity’s public benefit under section four of the Charities Act 2011. We are confident that we meet the benefit requirement, having taken Charity Commission guidance into consideration. We have carried out our charitable purpose for the public benefit by using funds to support health and social care initiatives that benefit the health and wellbeing of the local community.
As reported above, the Trust had listened to community feedback and agreed in March 2024 to partner with a local provider, Eternity Care Services Ltd, to offer a new day care service for the elderly at the Tarporley facility. The twice-weekly service began in late March 2024 and is being subsidised by the Charity. The group offers companionship, reduces social isolation and helps individuals maintain their independence. It also provides valuable respite for carers and feedback from attendees and carers alike has been very positive.
Throughout the year, the Trust worked closely with an existing partner, Purple Angels, to raise awareness and support those living with dementia. In addition to providing some grant funding, the Trust has been actively involved in Purple Angel’s music campaign, processing requests for free MP3 players with individuals’ chosen music and collecting donated MP3 players through our local Vintage Charity Shop. We also started to research other opportunities to support those with dementia, including plans to work with local businesses to create “Dementia-Friendly Tarporley”.
In consultation with the CoCH, the Trust was also pleased to fund the refurbishment of the Campbell room in summer 2023, creating a comfortable and welcoming space for counselling sessions. The room is dedicated to the Campbell family in recognition of their support and commitment to the hospital facility and Charity over several generations.
As reported above, community engagement was our key focus during 2023/24 as we talked to our stakeholders about local needs and sought new partnership opportunities. We attended a number of local groups and networking events throughout the year to provide updates on service developments at Tarporley Hospital and to canvas views on the best ways for the Trust to add value.
We also forged new links with other charities and voluntary organisations to explore ways in which we could work together to benefit the local community. Since summer 2023, Tarporley’s Community First Responders have been offering regular CPR and defibrillator training at the hospital, free of charge. Also in summer 2023, the Trust reached out to the Cardiac Risk in the Young (CRY) charity and Trustees committed to hosting and funding a weekend screening event at Tarporley Hospital in July 2024.
In early 2024, the Trust teamed up with the Deaf & Sensory Network (DSN) to offer a tinnitus support group, which currently meets monthly at Tarporley Hospital. As the reporting year drew to a close, the Trust had also partnered with The Port Men In Sheds scheme, which helps older men combat loneliness and isolation. The group was tasked with refurbishing some of our commemorative benches and will also be working with the neurotherapy team at Tarporley Hospital to create a therapy planting and patio area for its patients, which the Charity will fund.
As reported in the previous year, CoCH has now undertaken various improvement works to modernise the hospital facilities and enable a range of outpatient clinics, therapy teams and educational groups to operate from the site. We have worked closely with CoCH colleagues to engage with the community and encourage discussion about future service developments and opportunities. This partnership and collaborative approach will remain a key priority for the Trust, as we aim not just to safeguard Tarporley Hospital but to see it thriving with a growing number of services that will benefit the whole community, at every stage of life.
Usage of the facilities is slowly improving, with some services operating on a daily or weekly basis and others less frequently. As we write, the following teams and outpatient services are currently operating at or from the premises:
Musculoskeletal (MSK) physiotherapy
Obstetric & gynae physiotherapy
Paediatric therapy (includes physiotherapy)
Ultrasound
District nurses’ weekly clinics:
Podiatry
Heart failure clinic
Leg ulcer clinic
Doppler clinic
Neurotherapy services
Neurotherapy Parkinson’s session (strength and balance)
Parkinson’s communication group
Children’s Starting Well clinic
Health visitor open advice clinic
Community midwife clinic
Community paediatrics – ADHD and autism assessments
Fatigue management group
Diabetes essential education group
Talking therapies
Rapid Response team
Hospital at Home team
Cheshire & Merseyside AAA screening programme
While the Charity was still building its understanding of local health and social care priorities in 2023/24, Trustees felt it was appropriate for active fundraising to remain paused and so there were no charity-led fundraising events or campaigns during the year. Nonetheless, we were still fortunate to receive a number of donations and legacies.
We also benefited from donations received from the Vintage Charity Shop in Tarporley. As well as fundraising so successfully for us, the shop is a popular hub within the community which really helps us connect with our supporters, share the Charity’s news and gather valuable feedback. We are so grateful to everyone who chose to support us with their donations or by buying items and, of course, to all the loyal volunteers who give their time so generously to help run the shop.
The Trust produced a net surplus for the year ending 31st March 2024 of £60,092, compared with a 2023 deficit of £233,392.
Income
Having leased the premises to CoCH with effect from April 2022, and with fundraising activities still limited, rent was the Charity’s main source of income. Total rent for the period amounted to £67,518 (2023: £56,431). However, we continued to benefit from the generosity of local supporters by way of donations and legacies. In the last year we received donations of £53,087 (2023: £68,401) and legacies totalled £32,651, which was an increase on the previous year (2023: £18,500).
Expenditure
Costs decreased significantly to £168,073 (2023: £392,270). Staff costs amounted to £55,080 for the year (2023: £46,440). The Charity made donations in the form of grant funding totalling £18,124 (2023: £132,966). This decrease in expenditure reflects a period of reflection to finalise the Charity’s revised objectives and grant making policy, and the significant contribution made to CoCH in the prior year to enable improvements to the building and its facilities.
RESERVES AND INVESTMENTS
Reserves policy
After partnering with a larger NHS organisation to provide clinical services at the premises and successfully mitigating our key risk of insolvency, the Board carried out an interim review of its cash, investment and reserves policy in October 2022. At that time, Trustees had set an interim level of £250k for the Charity’s reserves (previously £665k) and a minimum of £30k in cash at hand (previously £140k). However, Trustees still deemed those minimum levels to be relatively cautious and kept them under review, anticipating that further reductions may be possible in the future to optimise spending on charitable activities.
Following further reflection and analysis, and as the Charity’s new business model became more established, the Board conducted a full review of its overall approach to managing investments, including the minimum cash and reserve levels required to cover future activities and variations in income. In May 2024, Trustees approved and adopted new policy statements on cash and reserve levels. The minimum reserves sum is now set at £150k (to cover closure costs and other unforeseen circumstances) and the Charity aims to keep sufficient cash at hand to cover the cash requirements of the current year’s budget.
Investment performance
Investments are held at £573,247 (2023: £532,206). Profit on disposal in the year amounted to £1,752.
Risk management
The Board regularly assesses risks and opportunities so that risks are mitigated, and opportunities are maximised.
Having secured a new partnership and lease agreement with CoCH in April 2022, Trustees remain confident that the previous, longstanding financial and operational risks faced by the Charity have been mitigated successfully.
With responsibility for clinical provision and decision making on site having transferred to the tenant, the Charity’s affairs have become simplified and changed the scope of perceived risks. Trustees are now able to focus on working with others and offering funding support to enhance the provision of health and social care services for the local community.
Trustees will keep their overall approach to risk under regular review to ensure that people resources, systems and processes remain effective but proportionate.
As we enter the third and final year of the original lease agreement between the Charity and the CoCH, our priority is to seek early confirmation from the CoCH that they intend to renew the lease in order to ensure continuity of NHS services provision. We expect this to be a positive outcome.
With the current lease arrangements in place, Trustees expect that future operating income and expenditure will remain broadly balanced in future years. However, having recently updated the Charity’s policy on investments and financial reserves as outlined above, Trustees are minded to utilise some of the Charity’s existing reserves to fund projects or services that will help us advance our charitable aims. To this end, the Board advertised £100k in available grant monies between April and June 2024 for organisations whose objectives are aligned to our own. At the time of writing, Trustees have made six grant offers, with several other applications still pending, and anticipate that these funds will be allocated in full.
Notwithstanding the ongoing grant activity, the Board recognises that some unplanned operating surpluses or losses may still occur. As in previous years, the Charity may benefit from unexpected legacies or, conversely, make in-year decisions to award additional grants to other organisations who can help us achieve our charitable aims and objectives.
We have taken time to reflect on the Charity’s future direction, listened carefully to our stakeholders, and we are now excited to be putting ideas into action. As reflected in our Vision, Mission and Values, we are passionate about supporting the physical and mental health and wellbeing of our community and we want to understand how best we can help the people who need us. Our community engagement activities are key to this and are ongoing. We are planning further research during 2024/25 to gather local views on health and social care priorities and specific services that the community would like us to support.
As the initiatives that we have supported begin to deliver benefits, and as we gather more information about other unmet needs, the Board will also consider plans to resume more active and targeted fundraising activities in the future. This is likely to be based on fundraising appeals, ensuring that our funding decisions always reflect the needs and priorities of the communities we serve, after seeking and listening to feedback.
Governing document
The Tarporley War Memorial Hospital Trust is a company limited by guarantee by its Memorandum and Articles of Association incorporated on 22 January 1988 and amended by special resolution on 24 July 2024. It is a registered charity with the Charity Commission, dated 9 June 1988.
Any person who is appointed as a Trustee will automatically, by virtue of that appointment, become a Member. No person other than a Trustee may be admitted as a Member. There are currently 7 Members, each of whom agrees to contribute £1 in the event of the Trust winding up.
Legal and administrative information set out above forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting by Charities.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
How the charity is managed
The Board meets quarterly in person, with a focus on strategic planning and decision making, and also holds monthly online meetings in the intervening months to review progress on current activities.
A register of outside interests is maintained and any Trustee with an actual or perceived conflict of interest is excluded from decision making in any matter relating to that outside interest.
The Board also maintains a skills matrix and when areas of business or development arise in which the majority of Trustees feel inexperienced to advise, external expertise is either brought in temporarily or we seek to appoint an additional Trustee with the relevant skills, knowledge and experience.
During 2023/24, we advertised locally for new Trustees with complementary knowledge and skills to help the Charity further develop its new business model as a grant-making charity and landlord. A new Trustee was initially appointed in August 2023 (who subsequently resigned) and two additional Trustees were then appointed in October 2023. Shortly after the reporting period, Trustees advertised a further vacancy and went on to make an appointment in August 2024.
Recruitment and appointment of new trustees
In accordance with its new Articles of Association (amended by special resolution on 24th July 2024), the Charity has between three and twelve Trustees and Trustees become Members by virtue of their appointment as Trustees. Trustees are appointed for terms of three years and those who have served their term must retire at the next Annual General Meeting (AGM). However, Trustees who remain qualified may be reappointed for a maximum of three consecutive terms of office, subject to consent from at least 75% of the other Trustees.
Existing Trustees appoint other Trustees by proposing them in writing prior to the AGM or through an interview and appointment process conducted by more than one Trustee and ratified by the full Trust Board.
Organisational structure
Responsibility for the management of the Charity rests with the TWMH Board of Trustees. The Board continues to delegate some of its assurance functions and responsibility for day-to-day management of the Charity’s activities and landlord’s office to a small administrative team, which comprises two part-time members of staff. The Board also employs a manager for The Vintage Charity Shop, which raises funds to support the Trust’s activities, and retains a dedicated Community Engagement Officer to extend its reach within the community and inform future plans.
In addition, Trustees take advice from a range of professional advisers as and when required, including from accountancy and legal advisers.
New Trustees are briefed on their legal obligations under charity and company law; the content of the Articles of Association; the Charity’s structure and decision-making process; recent financial performance; and the latest business plan. The induction also includes meeting other Trustees and the Charity’s administrative team.
The trustees’ report was approved by the Board of Trustees.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Tarporley War Memorial Hospital Trust (the Charity) for the year ended 31 March 2024.
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Tarporley War Memorial Hospital Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Park Road, Tarporley, Cheshire, CW6 0AP.
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds, which arose from an undertaking by The Area Health Authority on the sale of land, represent those assets that must be held permanently by the Trust, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is transferred to be included in unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment income and gains are allocated to the appropriate fund.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is government support packages in relation to COVID-19. These are recognised when the Charity is legally entitled to the receipt of funds.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Individual assets costing £150 or more are capitalised at cost in the year including any incidental expenses of acquisition.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
As an exception to the usual requirements for financing transactions, as a public benefit entity, concessionary loans provided to the charity have been accounted for at the amount received adjusted for any impairment loss. This loan is disclosed in amounts falling due in greater than one year.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
The charity is exempt from corporation tax on its charitable activities.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Volunteers and donated services and facilities
The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the trustees' annual report.
Charitable Trust
Charitable Trust
Other income - including meals, nursing and recoveries
Raising funds
Charitable Trust
Charitable Trust
Maintenance
Donations
Waste disposal
None of the Trustees (or any persons connected with them) received any remuneration, expenses nor benefits from the Charity during the current or prior year.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Freehold land and buildings with a carrying amount of £350,000 (2023: £350,000) have been pledged against the concessionary loan held by the Charity. The Charity is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Included in cost or valuation of land and buildings is freehold land of £50,000 (2023: £50,000) which is not depreciated.
The historical cost of listed investments at 31 March 2024 was £510,887 (2023: £509,316).
Borrowings comprise a concessionary loan provided by the North West Regional Health Authority, issued in 2001, which is interest free and repayable after more than five years.
Upon repayment, the market value of the loan will be assessed and this will indicate the amount repayable by the Charity. However, the likelihood of this situation occurring is deemed to be unlikely and thus no interest has been accrued alongside this liability.
The loan is secured against the freehold property.
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
Health Authority Endowment Fund
Funds are held to generate income for charitable purposes and cannot itself be spent.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The sum of £30,300 was received from the Portal Golf Club in connection with the therapy rooms refurbishment. Of the sum of money received £0 is carried forward.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
It is inevitable that transactions will take place with trustees and organisations in which a trustee may have an interest. All such transactions are conducted in the ordinary course of business and are at arms length.
Trustees and their related enterprises made donations to the charity totalling £17,000 (2023: £43,000).