Charity Registration No. 700336 Company Registration No. 02213003 (England and Wales)

 

 

 

TARPORLEY WAR MEMORIAL HOSPITAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

 

 

 

 LEGAL AND ADMINISTRATIVE INFORMATION

 

 

Trustees                                                           R Wright (Chairperson)

C Lees-Jones (Vice Chairperson)

A Chittenden                                             (Appointed 3 August 2020)

C Stein                                                               (Appointed 3 August 2020) G Gigg

J Simpson J Windsor J Iles

R Fallon

S Hinchliffe                                               (Appointed 3 August 2020)

 

Secretary                                                         J Iles

Charity number                                             700336

Company number                                         02213003

 

Registered office                                           Park Road Tarporley Cheshire CW6 0AP

 

Auditor                                                              McLintocks (NW) Limited

2 Hilliards Court Chester Business Park Chester

Cheshire CH4 9PX

 

Bankers National Westminster Bank 36 High Street

Nantwich CW5 5GA

 

Solicitors                                                          Joliffe & Co LLP

6 St John Street Chester

CH1 1DA

 

Investment advisors                                    James Brearley & Sons Limited Walpole House

Unit 2 Burton Road Blackpool FY4 4NW

 

Management                                                   Managing Director – R Cowley Business Manager – S Mills Honorary Medical Officer – Dr P A

Capbell Hospital Sisters – K McQue & G Carr

 

CONTENTS

 

 

Page

Trustees’ report                                                                                         1 – 7

 

Independent auditor’s report                                                                   8 – 10

 

Statement of financial activities                                                              11 – 12

 

Balance sheet                                                                                           13

 

Statement of cash flows                                                                          14

 

Notes to the financial statements                                                           15 – 29

 

 

 

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 MARCH 2020

 

The trustees present their report and financial statements for the year ended 31 March 2020.

 

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)”.

Objectives and activities Organisational Changes

During 2019 – 2020 we reviewed our organisational structure which saw Miss Sophie Thompson appointed to the Fundraising Co-ordinator role and welcomed Ms Julie Daley our Volunteer Co-ordinator. In September 2019 Mrs Sarah Mills joined the organisation as our Business Manager to support the Business and Financial functions of the organisation. We welcomed Ms Paula Peacock our Hospital Matron in July 2019 who subsequently departed in February 2020.

In June 2019 Dr Dale Vimalachandran stepped down from his position as Trustee and in February 2020 we said farewell to our Trustee Sarah Marrow. Both trustees brought a wealth of knowledge and expertise to the organisation.

Vision, Mission and Values

Tarporley War Memorial Hospital continues to identify with the Vision, Mission and Values so as to promote as a preferred place of care within the local community and surrounding villages.

 

OUR VISION

To be at the Heart of our Community, caring for all.

 

OUR MISSION

To deliver the highest quality, patient-centred care to all our patients.

 

OUR VALUES

Health and wellbeing Enthusiasm Accountability Responsiveness Trust

 

From this work came our Strategic Objectives, which we continue to impress

a)  To be an outstanding provider

  1. To deliver high quality care
  2. To engage with stakeholders
  3. To become sustainable

 

Tarporley War Memorial Hospital is dedicated to the wellbeing of the community of Tarporley and the surrounding villages. We understand that each patient and their loved ones are all unique individuals and therefore our journey with them is all the more special. Above all we are about being the HEART of the Community, caring for all.

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 those public benefit requirements having taken Charity Commission guidance into consideration. We believe we meet the public benefit requirements through the activities we undertake.

 

  1. To be an outstanding provider – to be recognised as an outstanding provider of

During July 2019 we welcomed the Care Quality Commission to inspect the service we provide here at Tarporley War Memorial Hospital. Our team had worked tirelessly to ensure we provided the evidence to give assurance that as an organisation we meet our regulatory requirements. The outcome of the inspection was published in January 2020 with an overall rating of ‘Good’ in all five domains. We will endeavour to develop our services with an aim to be recognised as an outstanding provider in the future. We pass on our thanks to our regulators for all their continued engagement and support throughout the year.

  1. To deliver high quality care – to deliver safe and effective patient-centred care

The Clinical Quality Assurance Committee have worked with the senior nursing team to acquire the relevant assurances that care is delivered in line with evidence based best practice. We are proud of what our team have delivered during 2019/20 and we will continue to improve quality and productivity where we could do better. By ensuring we have the right level of appropriately skilled staff in place to deliver safe care.

What we achieved in 2019/20

  • No Never events
  • No hospital acquired infections
  • 100% of staff rate TWMH positively
  • No catheter associated UTI’s
  • 98% of patients rate TWMH positively
  • 100% Clinical Staff trained in the National Early Warning Score
  • 50% reduction in falls compared to the previous year

 

  1. To engage with stakeholders – to fully engage and involve our patients, partners and public in the development of our services

As part of our commitment to engage with our stakeholders throughout 2019/20 we have had a full programme of engagement meetings to enhance the offer from and to Tarporley War Memorial Hospital to ensure financial sustainability and that we continue to meet with The Local Delivery plan. Current Clinical Commissioning Group (CCG) commissioning intentions and the newly published NHS Long Term Plan set out a clear ambition to move care closer to home and reduce avoidable acute hospital activity through a greater focus on community based services and primary care.

  1. To become sustainable – to have a stable financial platform on which to deliver enhanced services in the future

Whilst operating costs have continued to rise in recent years, the Hospital’s funding streams have remained relatively fixed. This has increased our reliance on fundraising activities, and in particular the generosity of benefactors whose donations go some way towards offsetting the substantial deficit. The Hospital continues to engage with key stakeholders to develop its offering, which will provide local patients with the quality care and services they need, whilst also supporting the NHS in achieving its long term strategic goal of maximising local and convenient care within community settings. Attracting new funding streams in this way is absolutely key to reducing the Hospital’s annual deficit and helping to secure its financial sustainability. In parallel, we are continuing to explore ways to streamline our operations and reduce our expenditure in the next phase of our 5-year cost improvement programme, with the next 12 months of this being pivotal.

 

Other Charitable Activities

We continue to deliver a full programme of activities for our Day Care service users. Day Care is the service we offer to some of the most vulnerable people in our community and is heavily subsidised by the Trust. During 2019/20 we seen 782 sessions filled with a capacity to support 15 clients over a 3 day working week. Tarporley War Memorial Hospital launched its own Dementia ‘Poppy Café’ in February 2020, the mission for the café is to provide support and friendship to our local community who maybe touched in some way by Dementia or memory loss. The support we hope will be both emotional and practical, as we aim to sign post clients to valuable services that they could access in the area.

 

 

Other Charitable Activities (continued)

Tarporley War Memorial Hospital accepted 277 attendances to our Minor Injuries services, this service aims where possible to prevent further demands on our local accident and emergency departments. Registered Nurses have provided treatment for the many types of injuries presented. In February 2020 a decision was taken to pause this service to support the provision of essential governance requirements.

We continue to strive to improve patients care at our wound assessment clinics, we know that this is a vital service for our local community and often receive very positive feedback from those who attend this service.

 

Tarporley War Memorial Hospital continues to work closely with Cheshire and Wirral Partnership to provide a satellite base for extended hours.

 

GP’s of our six referring practices, continue to use the Hospital’s theatre for performing minor operations. Physiotherapy services, provided by Cheshire and Wirral Partnership NHS Foundation Trust remains very popular.

 

Patient’s and people we have supported have been extremely positive in their feedback. We have received only a small number of complaints which have been used to inform improvements to our services and our approach to having an open and transparent culture.

The Hospital is an integral part of the local community. We value immensely the support provided by our volunteers who help to support our service delivery and activities.

Our team of volunteers play a vital role in Tarporley War Memorial Hospital each and every year. We currently have 66 volunteers supporting the hospital in four areas, 24 support our clinical team (hospitality), 19 volunteers carry out reception duties, 18 support Day Care, 3 volunteers give their time to support our fundraising events and we welcomed who will provide inpatient administration support.

 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

 

Quality statement

The Clinical Quality Assurance Group (CQAG) met 4 times during 2019/20 and is attended by trustees and clinical staff from within the hospital.

Throughout the year the group continued to review and discuss clinical quality and gained assurance that patients under the care of Tarporley War Memorial Hospital benefitted from safe practice as well as achieving the best possible outcomes and experience.

During 2019/20 the committee gained assurance that the action plan relating to the CQC Inspection in 2017 was completed and embedded in clinical practice.   A further inspection was undertaken by CQC       in July 2019 and the report was received in January 2020. The hospital was rated as good across all five quality domains.

Through the developing Board Assurance Framework (BAF) CQAG reviewed the strategic risks relating to clinical quality and workforce gaining assurance that mitigating actions were in place. The committee continued to review clinical policies and Standard Operating Procedures to ensure they were up to date and reflected best clinical practice.

A revised Integrated Performance Report was introduced during 2019/20 and this enabled the committee to review performance against quality metrics and gain assurance that continuous quality improvement is embedded in the organisation.

 

Quality statement (continued)

During 2019/20 CQAG gained assurance on the quality of care from the following metrics:-

  • No patient developed a hospital acquired infection
  • No patient developed a urinary tract infection associated with the use of a catheter
  • No never events were reported
  • All actions were completed in response to the CQC Inspection Report
  • 100% staff rated TWMH positively
  • 98% patients rated TWMH positively
  • Full implementation of the National Early Warning Score (NEWS 2)

A number of clinical audits and reported incidents were reviewed by CQAG providing the committee with assurance that appropriate action had been taken and the lessons learned were embedded in clinical practice. Whilst the number of incidents increased during 2019/20 CQAG were assured that this reflects the culture of openness around incidents and near misses.

 

Building on the work of 2019/20 and going forward into 2020/21 CQAG has identified the following Quality Improvement objectives:-

  • Improved Medicines Management
  • Reducing the risk of patients falling
  • Ensuring lessons are learned when patients die in our care
  • Improved clinical leadership
  • Implementation of Datix (incident reporting system)
  • Care Beans (Integrated software package to evidence the delivery of patient centered care in real time).

 

Achievements and performance

The Hospital met its charitable objectives for the year ending 31st March 2020. This was again achieved within the climate of intense pressure on NHS budgets and demand for services both in the NHS and the health care sector in general.

In the final three months of the year the Hospital was faced with the unprecedented challenges of the Coronavirus. The impact had not fully materialised before the year end, but nevertheless had a significant impact on the 2020 financial performance.

Once again the Trust benefited from the community’s generous benefactors from fundraising, donations, and legacies, but disappointingly this was insufficient to prevent the Trust making a deficit in the financial year.

 

Financial review

The Hospital produced a net deficit for the year ending 31st March 2020 of £612,489, compared with a 2019 surplus of £272,062.

Income

The Trust received a contribution of £313,000 from the Clinical Commissioning Group (CCG) towards its charitable activities. Despite increased costs there has been no increase in the grant for a number of years, this has placed increased pressure on resources and reserves, and the Trust’s ability to cover cost of the services it provides.

Funding income is reliant on the generosity of benefactors who have made substantial donations and legacies over many years. In the last year we have received donations of £344,202 (2019: £306,097). Legacies however (£20,645) were substantially below on last year (£441,229).

Fundraising focussed on our Centenary year proved most successful £150,460 (2019: £59,605).

 

Expenditure

Costs increased by 24% £1,589,835 (2019: £1,278,214). Staff costs are the main item of hospital spend which amounts to £1,001,313 (2019: £879,280). A key component in staff costs is Agency Nursing staff £213k (2019: £216k). This covers staff vacancies, as a result of the shortage of nursing staff in the market, and long- term sick cover. A key cost reduction initiative now underway is to reduce reliance on Agency staff by recruiting permanent nursing staff.

 

RESERVES  AND INVESTMENTS

 Reserves policy

Reserves are needed to bridge the gap between the spending and receiving of income and to cover unexpected variations. The Board of trustees considered that the ideal level of free reserves should be sufficient to cover at least 3 months of unrestricted expenditure. However, given the disappointing outcome this year and the current extremely challenging economic and social environment, the Board are presently reviewing its level of reserves with a view to setting a more robust policy that ensures the Hospital can continue to operate in the foreseeable future.

Investment performance

The impact of Coronavirus on the Stock Market and the valuation of our investments at the end of March affected investment performance, with a net book loss of £144,533 compared to a gain of £68,997 in 2019.

 

Investments of £288,187 were drawn down in the year to fund cash flow for operations.

Risk management

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future plans and financial outlook

The Hospital is faced with a combination of unparalleled challenges because of the Coronavirus on the Hospital’s activities. Tarporley is on the front line with the challenges presented by the virus in terms of providing safe clinical care, at an increased cost, and the substantial impact on its vital income from fundraising and fall in patient respite income. It does not have unlimited reserves, or the NHS to fund its deficits, so it must proceed with caution. Detailed monitoring to maintain reserves and investments, cost reductions, fundraising appeals and negotiations with the CCG are at the forefront of the Trusts extensive efforts to reduce the deficit and ensure a sustainable future.

Tarporley Hospital is well placed to fulfil the stated aim of the Government and the CCG to place more social care support back into the community. Its aim is to establish a funded role to fulfil that objective with the commissioning agents and so place the Trust on a more substantive and economic base.

The Trust at its core is a Community Hospital and recognises the tremendous support it receives from the local community, in so many areas of our activities. In particular, it’s financial backing from legacies and donations and the vital support from its volunteers. It must protect the bond if the Hospital is to continue for a further 100 years.

Structure, governance and management Governing document

The Tarporley War Memorial Hospital Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 22 January 1988. It is a registered charity with the Charity Commission dated 9 June 1988. Anyone admitted by the council can be a member of the company and there are currently 10 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:

R Wright (Chairperson)

C Lees-Jones (Vice Chairperson)

A Chittenden                                                                 (Appointed 3 August 2020)

C Stein                                                                           (Appointed 3 August 2020)

Dr C D Vimalachandran                                                                                 (Resigned 10 June 2019) G Gigg

J Simpson J Windsor J Iles

R Fallon

S Hinchliffe                                                                   (Appointed 3 August 2020)

S Marrow                                                                       (Resigned 6 February 2020)

 

Recruitment and appointment of new trustees

As set out in the Articles of Association one third of the Trustees shall retire from office at the Annual General Meeting. Those retiring shall be the longest serving members and determined by lot as applicable. Retiring members are eligible for re-election. Existing Trustees appoint other Trustees by proposing them in writing prior to the AGM.

 

Organisational structure

Responsibility for the management of the Trust rests with a Board of Trustees, which must have at least three members with no maximum set. Day to day management of the Hospital is carried out by the Managing Director and Senior Management Team.

 

The Board of Trustees normally meet quarterly. There are currently two sub-committees who seek assurance from the Management Team in relation to Clinical Quality, Health and Safety, Human Resources, Business and Finance and also the Fundraising Group. These sub committees are made up of Trustees, Honorary Medical Officer,Managing Director, Business Manager and Hospital Sisters. The committees meet quarterly, or as and when required to manage the business of the Hospital.

 

Induction and training of new trustees

New Trustees undergo a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, recent financial performance and the business plan of the Trust. The briefing includes meeting other trustees and the hospital management team.

 

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

 

 

Statement of Trustees’ responsibilities

The trustees, who are also the directors of Tarporley War Memorial Hospital Trust for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

  • select suitable accounting policies and then apply them consistently;

 

  • observe the methods and principles in the Charities SORP;

 

  • make judgements and estimates that are reasonable and prudent;

 

  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Auditor

In accordance with the company’s articles, a resolution proposing that McLintocks (NW) Limited be reappointed as auditor of the company will be put at a General Meeting.

 

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

 

The Trustees’ report was approved by the Board of Trustees.

 

J Iles

Trustee

Dated: 12 October 2020

 

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF TARPORLEY WAR MEMORIAL HOSPITAL TRUST

 

Opinion

We have audited the financial statements of Tarporley War Memorial Hospital Trust (the ‘charity’) for the year ended 31 March 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of 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:

  • give a true and fair view of the state of the charitable company’s affairs as at 31 March 2020 and of its incoming resources and application of resources, for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act

 

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Emphasis of matter

We draw attention to note 23 in the financial statements which describes events after the reporting period the Trust is facing as a result of COVID-19. Our opinion is not modified in respect of this matter.

 

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

  • the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
  • the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for

 

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

 

 

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

  • the information given in the Trustees’ Report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors’ report included within the Trustees’ report has been prepared in accordance with applicable legal

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of trustees’ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic

 

Responsibilities of trustees

As explained more fully in the statement of Trustees’ responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

 

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

 

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Michael Caputo FCA (Senior Statutory Auditor)

for and on behalf of McLintocks (NW) Limited                                          12 October 2020

 

Chartered Accountants

Statutory Auditor                                                                                                2 Hilliards Court

Chester Business Park Chester

Cheshire CH4 9PX

 

 

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2020

 

Current financial year

Unrestricted     Restricted Endowment                             Total                             Total

  funds funds funds  
2020 2020 2020 2020 2019
  Notes £ £ £ £ £
Income from:            
Donations and legacies 3 364,847 364,847 752,395
Charitable activities 4 541,681 541,681 599,749
Other trading activities 5 150,460 150,460 59,605
Investments 6 63,335 1,556 64,891 69,530
Total income and endowments   1,120,323 1,556 1,121,879 1,481,279
Expenditure on:            
Raising funds 7 76,988 303 77,291 14,855
 

Charitable activities

 

8

 

1,512,544

 

 

 

1,512,544

 

1,263,359

Total resources expended   1,589,532 303 1,589,835 1,278,214
 

Net gains/(losses) on investments

 

12

 

(131,526)

 

 

(13,007)

 

(144,533)

 

68,997

 

Net (outgoing)/incoming resources before transfers

   

 

(600,735)

 

 

 

 

(11,754)

 

 

(612,489)

 

 

272,062

Gross transfers between funds   180,882 (180,882)
Net movement in funds   (419,853) (180,882) (11,754) (612,489) 272,062
Fund balances at 1 April 2019   2,200,163 180,882 53,609 2,434,654 2,162,592
Fund balances at 31 March 2020   1,780,310 41,855 1,822,165 2,434,654

 

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

 

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

 

Prior financial year  

Unrestricted

funds

 

Restricted

funds

 

Endowment

funds

   

Total

  2019 2019 2019   2019
  Notes                                      £ £ £   £
Income from:          
Donations and legacies 3                  747,326 5,069   752,395
Charitable activities 4                  599,749   599,749
Other trading activities 5                     59,605   59,605
Investments 6                     68,420 1,110   69,530
Total income and endowments 1,475,100 5,069 1,110   1,481,279
Expenditure on:          
Raising funds 7                     14,608 247   14,855
 

Charitable activities

 

8               1,258,707

 

4,652

 

   

1,263,359

Total resources expended 1,273,315 4,652 247   1,278,214
 

Net gains/(losses) on investments

 

12                    67,392

 

 

1,605

   

68,997

Net (outgoing)/incoming resources before transfers  

269,177

 

417

 

2,468

   

272,062

Gross transfers between funds 3,360 (3,360)  
Net movement in funds 272,537 (2,943) 2,468   272,062
Fund balances at 1 April 2018 1,927,626 183,825 51,141   2,162,592
Fund balances at 31 March 2019 2,200,163 180,882 53,609   2,434,654

 

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

 

BALANCE SHEET

AS AT 31 MARCH 2020

 
     

2020

   

2019

 
  Notes £ £ £ £
Fixed assets          
Intangible assets 13   15,106   4,343
Tangible assets 14   802,559   827,536
Investments 15   1,176,574   1,584,843
      1,994,239   2,416,722
Current assets          
Debtors 16 86,179   42,520  
Cash at bank and in hand   153,479   449,839  
    239,658   492,359  
Creditors: amounts falling due within one year  

17

 

(61,732)

   

(124,427)

 
Net current assets     177,926   367,932
Total assets less current liabilities     2,172,165   2,784,654
Creditors: amounts falling due after more than one year  

18

   

(350,000)

   

(350,000)

Net assets     1,822,165   2,434,654
 

Capital funds

         
Endowment funds – general 20   41,855   53,609
Income funds          
Restricted funds 21     180,882
Unrestricted funds     1,780,310   2,200,163
      1,822,165   2,434,654

 

The financial statements were approved by the Trustees on 12 October 2020

 

C Lees-Jones (Vice Chairperson)

Trustee

 

Company Registration No. 02213003

 

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2020

 
   

2020

   

2019

   
Notes £ £ £ £  
Cash flows from operating activities          
Cash (absorbed by)/generated from       26

operations

   

(590,753)

   

80,490

 
Investing activities          
Purchase of intangible assets (14,245)   (4,435)    
Purchase of tangible fixed assets (19,989)   (16,769)    
Purchase of investments (236,844)   (641,834)    
Proceeds on disposal of investments 212,393   576,954    
Investment cash drawn down 288,187   64,876    
Interest received 64,891   69,530    
Net cash generated from investing activities    

294,393

   

48,322

 
Net cash used in financing activities      
Net (decrease)/increase in cash and cash equivalents    

(296,360)

   

128,812

 
Cash and cash equivalents at beginning of year   449,839   321,027  
Cash and cash equivalents at end of year   153,479   449,839  

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

 

  • Accounting policies

 

Charity information

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.

 

1.1      Accounting convention

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 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.

 

1.2      Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements despite the COVID-19 global pandemic, see note 23 for further disclosure. Management and trustees are realigning their strategy to meet the demands of the ever changing environment.

 

1.3      Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

 

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

 

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.

 

1.4      Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

 

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

 

 

1        Accounting policies          (Continued)

 

  • Expenditure

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 o 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.

 

1.6      Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

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:

 

Software                                                                   4 years on cost

 

1.7      Tangible fixed assets

Individual assets costing £150 or more were 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:

 

Freehold land and buildings                                 nil

Leasehold improvements                                      2% straight line

Fixtures and fittings                                                20% reducing balance

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

 

1.8      Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. 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.

 

1.9      Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

 

1           Accounting policies (Continued)

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Derecognition of financial assets

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

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.

 

Other financial liabilities

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.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

 

1.10   Taxation

The charity is exempt from corporation tax on its charitable activities.

 

1.11   Employee benefits

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.

 

1.12   Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

1.13   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.

 

2           Critical accounting estimates and judgements

 

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

3        Donations and legacies  

 

Unrestricted

funds

 

 

Unrestricted

funds

 

 

Restricted

funds

 

 

Total

  2020

£

2019

£

2019

£

2019

£

Donations and gifts 344,202 306,097 5,069 311,166
Legacies receivable 20,645 441,229 441,229
  364,847 747,326 5,069 752,395
 

4        Charitable activities

       
      Hospital Hospital
      2020 2019
      £ £
   

Contribution from West Cheshire CCG

 

313,000

   

313,000

  Patient’s contributions – respite care and social services income 128,503   168,513
  Other income – including meals, nursing and recoveries 100,178   118,236
    541,681   599,749

 

5        Other trading activities  

 

Unrestricted

funds

 

 

Unrestricted

funds

  2020

£

2019

£

Fundraising events 150,460 59,605

 

Deferred income

During the year to 31 March 2019 the charity recognised £22,040 of deferred income. This income was deferred as it was in relation to events held in the year ended 31 March 2020. No such income has been deferred at 31 March 2020.

 

6        Investments  

 

Unrestricted

funds

 

 

Endowment

funds general

   

 

Total

 

 

Unrestricted

funds

 

 

Endowment

funds general

   

 

Total

  2020 2020   2020 2019 2019   2019
  £ £   £ £ £   £
Income from listed investments  

62,863

 

1,556

   

64,419

 

67,793

 

1,110

   

68,903

Interest receivable 472   472 627   627
  63,335 1,556   64,891 68,420 1,110   69,530
 

7        Raising funds

               
 

Unrestricted Endowment               Total  Unrestricted  Endowment                                          Total

  funds   funds       funds   funds    
      general           general    
  2020   2020   2020   2019   2019   2019
  £   £   £   £   £   £
Fundraising and publicity                      
Staging fundraising events  

72,019

   

   

72,019

   

11,398

   

   

11,398

Investment management 4,969   303   5,272   3,210   247   3,457
  76,988   303   77,291   14,608   247   14,855

 

8        Charitable activities            

 

Hospital

   

 

Hospital

            2020   2019
            £   £
Staff costs           1,001,313   879,280
Depreciation and impairment           44,966   46,012
Medical supplies and provisions           49,218   40,099
Cleaning and laundry           90,601   90,666
Maintenance           59,349   58,820
Staff training           3,744   3,461
            1,249,191   1,118,338
 

Share of support costs (see note 9)

           

259,553

   

141,421

Share of governance costs (see note 9 )         3,800   3,600
            1,512,544   1,263,359
 

9        Support costs

               
Support

costs

Governance

costs

  2020   Support

costs

Governance

costs

  2019
£ £   £   £ £   £
Depreciation                                     3,483   3,483    
Services                                          52,575   52,575   49,413   49,413
Office costs                                    45,406   45,406   35,152   35,152
Sundries                                         22,077   22,077   16,997   16,997
Consultancy fees                        122,983   122,983   30,797   30,797
Bank charges                                   2,653   2,653   2,030   2,030
Legal and professional

fees                                                         10,376

 

   

10,376

   

7,032

 

   

7,032

Audit fees                                                  – 3,800   3,800   3,600   3,600
259,553 3,800   263,353   141,421 3,600   145,021
Analysed between                
Charitable activities                    259,553 3,800   263,353   141,421 3,600   145,021

 

Governance costs includes payments to the auditors of £3,800 (2019- £3,600) for audit fees. Support costs also include £9,095 (2019 – £7,032) of fees paid to the charity’s auditors in relation to non-audit services.

 

10      Trustees

 

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.

 

11        Employees

 

Number of employees

The average monthly number of employees during the year was:

 
  2020 2019
  Number Number
Nurses and care 22 22
Cooks 3 3
Administration 5 3
Temporary cover 5 6
Management 2 3
  37 37
 

Employment costs

 

2020

 

2019

  £ £
Wages and salaries 903,850 808,634
Social security costs 54,199 45,252
Other pension costs 43,264 25,394
  1,001,313 879,280
 

The number of employees whose annual remuneration was £60,000 or more were:

   
  2020 2019
  Number Number
£70,001 – £80,000 1
 

12      Net gains/(losses) on investments

   
Unrestricted Endowment                                                                Total Unrestricted Endowment Total

 

  funds funds

general

  funds   funds

general

 
2020 2020 2020 2019   2019   2019
£ £ £ £   £   £
Revaluation of investments  

(163,068)

 

(21,896)

 

(184,964)

 

56,229

   

1,407

   

57,636

Gain/(loss) on sale of investments  

31,542

 

8,889

 

40,431

 

11,163

   

198

   

11,361

  (131,526) (13,007) (144,533) 67,392   1,605   68,997

 

13      Intangible fixed assets  
          Software
          £
Cost          
At 1 April 2019         4,436
Additions – separately acquired         14,245
At 31 March 2020         18,681
Amortisation and impairment          
At 1 April 2019         92
Amortisation charged for the year         3,483
At 31 March 2020         3,575
Carrying amount          
At 31 March 2020         15,106
At 31 March 2019         4,343
 

14      Tangible fixed assets

         
  Freehold land and buildings Leasehold improvements Fixtures and

fittings

  Total
  £ £ £   £
Cost          
At 1 April 2019 350,000 891,782 462,707   1,704,489
Additions 19,989   19,989
At 31 March 2020 350,000 891,782 482,696   1,724,478
Depreciation and impairment          
At 1 April 2019 138,000 389,401 349,552   876,953
Depreciation charged in the year 6,000 14,043 24,923   44,966
At 31 March 2020 144,000 403,444 374,475   921,919
Carrying amount          
At 31 March 2020 206,000 488,338 108,221   802,559
At 31 March 2019 212,000 502,382 113,154   827,536

 

Freehold land and buildings with a carrying amount of £350,000 (2019 – £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 (2019 – £50,000) which is not depreciated.

 

15 Fixed asset investments  

 

Listed investments

 

 

Cash in portfolio

 

 

Total

    £   £
  Cost or valuation      
  At 1 April 2019 1,569,039 15,804 1,584,843
  Additions 236,844 236,844
  Valuation changes (184,964) (184,964)
  Realised profit on disposal 40,431 40,431
  Cash drawn down in year (287,600) (587) (288,187)
  Disposals (212,393) (212,393)
  At 31 March 2020 1,161,357 15,217 1,176,574
  Carrying amount      
  At 31 March 2020 1,161,357 15,217 1,176,574
  At 31 March 2019 1,569,039 15,804 1,584,843

 

 

Fixed asset investments revalued

The historical cost of listed investments at 31 March 2020 was £921,190 (2019: £1,151,041).

 

16      Debtors  

2020

   

2019

Amounts falling due within one year: £   £
Trade debtors 24,644   14,834
Other debtors   27
Prepayments and accrued income 61,535   27,659
  86,179   42,520
 

17      Creditors: amounts falling due within one year

 

 

2020

   

 

2019

  £   £
Other taxation and social security 17,896   10,728
Trade creditors 31,108   69,049
Other creditors 1,351  
Accruals and deferred income 11,377   44,650
  61,732   124,427

 

18        Creditors: amounts falling due after more than one year

2020                   2019

£                          £

Borrowings                                                                                                                                                     350,000                                                                                                                                                     350,000

 

Borrowings comprise a concessionary loan provided by the North West Regional Health Authority, which is interest free and repayable after more than five years. It is secured on the freehold property.

19        Retirement benefit schemes Defined contribution schemes

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.

 

The charge to profit or loss in respect of defined contribution schemes was £43,264 (2019 – £25,394).

 

TARPORLEY WAR MEMORIAL HOSPITAL TRUST

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

 

20        Endowment funds

 

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.

 

Movement in funds                                                            Movement in funds

 

Balance at

Incoming

Resources

Transfers Revaluations

Balance at

Incoming

Resources

Transfers Revaluations

Balance at

 

1 April 2018 resources expended gains and 1 April 2019 resources expended gains and 31 March 2020
      losses       losses

£                      £                      £                      £                      £                        £                      £                      £                      £                        £                      £

 

Permanent endowments Health Authority Endowment

Fund 51,141   1,110   (247)   1,605   53,609   1,556   (303) (13,007) 41,855
  51,141   1,110   (247)   1,605   53,609   1,556   (303) (13,007) 41,855

 

Health Authority Endowment Fund

Funds are held to generate income for charitable purposes and cannot itself be spent.

 

 

 

 

 

 

 

 

 

 

 

 

 

– 25 –

 

TARPORLEY WAR MEMORIAL HOSPITAL TRUST

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

 

21        Restricted funds

 

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

 

 

  Balance at 1 April 2018 Incoming resources Resources expended Transfers Balance at 1 April 2019
£ £ £ £ £
Restricted income fund  

183,825

 

5,069

 

(4,652)

 

(3,360)

 

180,882

 

Movement in funds

 

Transfers        Balance at

31 March 2020

£                      £

 

 

(180,882)                      –

 

 

 

The restricted income fund has been transferred to unrestricted funds as no specific restrictions were applied by the donors.

 

 

– 26 –

 

TARPORLEY WAR MEMORIAL HOSPITAL TRUST

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2020

 

22 Analysis of net assets between funds  

Unrestricted                Restricted funds

 

Endowment

funds

   

Total

 

Unrestricted                Restricted funds

 

Endowment

funds

   

Total

    2020                2020 2020   2020 2019                2019 2019   2019
    £                      £ £   £ £                      £ £   £
  Fund balances at 31 March 2020 are represented by:                
  Intangible fixed assets 15,106                        –   15,106 –               4,343   4,343
  Tangible assets 802,559                        –   802,559 809,145                           18,391   827,536
  Investments 1,134,719                                         – 41,855   1,176,574 1,531,234                                     – 53,609   1,584,843
  Current assets/(liabilities) 177,926                        –   177,926 209,784                         158,148   367,932
  Long term liabilities (350,000)                      –   (350,000) (350,000)                                     –   (350,000)
    1,780,310                                         – 41,855   1,822,165 2,200,163                            180,882 53,609   2,434,654

 

 

 

– 27 –

 

 

23        Events after the reporting date

 

During the year, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a pandemic. The coronavirus outbreak is disrupting supply chains and affecting production and sales across a range of industries, in particular the health care sector. However, despite COVID-19 the Charity continues to operate and has considered the potential impact of COVID-19 on its future operations, risk management and financial forecasts for the period of one year from the date of signing of the financial statements.

 

As a result of the assessment, the trustees consider that the Charity has adequate resources to continue in operational existence for a period of twelve months from signing of the financial statements.

 

As a result of the assessment of the events and conditions summarised above and based on information available at the date of approval of the financial statements, the Charity has concluded that there are no material impacts in relation to the COVID-19 pandemic.

 

The trustees have confirmed there are no other events after the reporting period that are required to be disclosed.

 

24        Related party transactions

 

Remuneration of key management personnel

The key management personnel of the charity compromise, the trustees, the hospital manager and the hospital matron. The remuneration of key management personnel is as follows.

 

2020                   2019

£                          £

 

Aggregate compensation                                                                                                         133,616                                                                                                                                                      100,111

 

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.

 

No donations have been made by any trustee or any persons or businesses connected with them.

 

25        Company Status

 

The charity is a company limited by guarantee and has no share capital. The members of the company are the trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to

£1 per member of the charity.

 

26      Cash generated from operations 2020

£

2019

£

(Deficit)/surpus for the year (612,489) 272,062
Adjustments for:

Investment income recognised in statement of financial activities

 

(64,891)

 

(69,530)

Gain on disposal of investments (40,431) (11,361)
Fair value gains and losses on investments 184,964 (57,636)
Amortisation and impairment of intangible assets 3,483
Depreciation and impairment of tangible fixed assets 44,966 46,012
Movements in working capital: (Increase) in debtors  

(43,659)

 

(29,699)

(Decrease) in creditors (62,696) (69,358)
Cash (absorbed by)/generated from operations (590,753) 80,490
 

27      Analysis of changes in net debt

   
At 1 April 2019          Cash flowsAt 31 March 2020
  £ £ £
Cash at bank and in hand 449,839 (296,360) 153,479
Loans falling due after more than one year (350,000) (350,000)
  99,839 (296,360) (196,521)

 

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